EUR/USD: A clear break above 1.1760 to stabilize EUR – UOB Group
A clear break above 1.1760 would indicate that Euro (EUR) could trade above last week’s low of 1.1645 for a while, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR probably is likely to trade between 1.1710 and 1.1760
24-HOUR VIEW: "EUR rose briefly to 1.1754 two days ago and then pulled back. Yesterday, we stated that 'the brief advance did not lead to any significant increase in upward momentum,' and we expected EUR to 'trade in a range of 1.1700/1.1755.' While EUR subsequently traded in a higher range of 1.1711/1.1761, it closed largely unchanged at 1.1733 (+0.07%). The price movements provide no fresh clues, and we continue to expect EUR to trade in a range today, most likely between 1.1710 and 1.1760."
1-3 WEEKS VIEW: "EUR fell to a low of 1.1645 last Thursday. On Friday (26 Sep, spot at 1.1660), we indicated that the 'risk of EUR breaking below 1.1610 has increased.' However, the 1.1610 level did not come into view. Yesterday (30 Sep, spot at 1.1725), we highlighted that 'a clear break above 1.1760 (‘strong resistance’ level) would indicate that EUR could trade above last week’s low of 1.1645 for a while.' EUR subsequently rose to a high of 1.1761, then pulled back to close at 1.1733. As there is no clear break of our ‘strong resistance’ level at 1.1760, we will maintain our view for now."
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FXStreet Insights Team
FXStreet
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