EUR/USD still focused on 1.1170 near-term – UOB
|FX Strategists at UOB Group noted EUR/USD risks further retracements below the 1.1170 level in the near-term.
Key Quotes
24-hour view: “We highlighted the mixed outlook in EUR yesterday and expected it ‘to trade in a choppy manner and within a broad range of 1.1200/1.1280’. EUR subsequently traded between 1.1189 and 1.1261 before closing largely unchanged at 1.1231 (-0.08%). The outlook still appears to be mixed and EUR could trade sideways for today, likely between 1.1200 and 1.1270.”
Next 1-3 weeks: “We highlighted last Friday (26 Jun, spot at 1.1220) that ‘downward pressure has ticked up but EUR has to close below 1.1170 before a more sustained decline can be expected’. We added, ‘the prospect for such a move is not high but it would continue to increase unless EUR moves and stays above 1.1300 within these 1 to 2 days’. EUR popped to a high of 1.1288 yesterday (29 Jun) before easing off quickly. Downward pressure has eased somewhat but only a break of 1.1300 would indicate that the downside risk has dissipated (and that EUR is still trading in a broad 1.1170/1.1380 range). In other words, there is no change in our view from last Friday.”
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.