EUR/USD: Scope for further decline - UOB
|FX Strategists at UOB Group suggested the downtrend in EUR/USD could reach the 1.1160 level in the next weeks.
Key Quotes
24-hour view: “We highlighted yesterday that EUR ‘could weaken further but oversold conditions suggest 1.1160 is likely out of reach’. However, EUR traded in a relatively quiet manner between 1.1196 and 1.1230 before closing little changed at 1.1206 (+0.08%). Momentum indicators are turning neutral and EUR is likely to consolidate and trade sideways. Expected range for today, 1.1190/1.1235.”
Next 1-3 weeks: “Our update from yesterday (25 Nov, spot at 1.1200) still stands. As highlighted, while conditions remain oversold, the breach of 1.1200 has opened up the way for EUR to weaken to 1.1160. All in, EUR is expected to stay weak as long as it does not move above 1.1270 (no change in ‘strong resistance’ level from yesterday). Looking ahead, the next support level of note below 1.1160 is at 1.1100.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.