EUR/USD: Next support is located at 1.1725 – UOB
|According to FX Strategists at UOB Group, EUR/USD risks further losses while below 1.1850.
Key Quotes
24-hour view: “Our view for EUR to ‘consolidate and trade within a 1.1790/1.1830 range’ was incorrect. EUR popped to a high of 1.1845 during NY session before dropping back down quickly. The rapid decline from the high has scope to extend lower but the prospect for a sustained decline below 1.1770 is not high (there is another support at 1.1790). Resistance is at 1.1820 followed by 1.1835.”
Next 1-3 weeks: “We highlighted yesterday (14 Sep, spot at 1.1810) that as long as EUR stays below 1.1850, there is scope for EUR to close below 1.1770. EUR subsequently popped to a high of 1.1845 before retreating. There is no change in our view for now but EUR has to close below 1.1770 within these 1 to 2 days or the odds for further weakness would diminish quickly. Looking ahead, the next support below 1.1770 is at 1.1725.”
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