EUR/USD: Above 1.1760, EUR might remain immune to the downside – UOB Group
Euro (EUR) is likely to trade in a range of 1.1700/1.1755. In the longer run, a clear break above 1.1760 would indicate that 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 might be rangebound for now
24-HOUR VIEW: "Last Friday, EUR rebounded from 1.1657 to 1.1707. Yesterday, Monday, we indicated that 'while there has been no clear increase in upward momentum, the firmer underlying tone suggests EUR is likely to trade in a higher range of 1.1685/1.1735 today.' However, EUR briefly rose to 1.1754, pulling back to close at 1.1725 (+0.21%). The brief advance did not lead to any significant increase in upward momentum. Today, we continue to expect range-trading, most likely in a range of 1.1700/1.1755."
1-3 WEEKS VIEW: "In our update from last Friday (26 Sep, spot at 1.1660), we indicated that 'the rapid improvement in downward momentum is likely to continue to weigh on EUR, and the risk of it breaking the major support at 1.1610 has increased considerably.' However, instead of heading lower toward 1.1610, EUR edged up over the past couple of days, and nearly took out our ‘strong resistance’ level at 1.1760 yesterday (high was 1.1754). From here, a clear break above 1.1760 would indicate that EUR could trade above last week’s low of 1.1645 for a while."
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FXStreet Insights Team
FXStreet
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