EUR/USD could still slip back to 1.2050 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted EUR/USD could still drop to the mid-1.2000s in the next weeks.

Key Quotes

24-hour view: “EUR traded between 1.2099 and 1.2148 yesterday, slightly wider than our expected range of 1.2100/1.2145 before closing little changed at 1.2124 (+0.05%). Momentum indicators are still mostly neutral and EUR could continue to trade sideways. Expected range for today, 1.2095/1.2150.”

Next 1-3 weeks: “Two days ago (14 Jun, spot at 1.2110), we highlighted that improvement in downward momentum could lead to EUR to ‘trade with a downward bias towards 1.2050’. Since then, EUR has been unable to make any headway on the downside as it traded in a quiet manner the past couple of days. While momentum is beginning to wane, there is still chance for EUR to decline to 1.2050. Only a break of 1.2180 (no change in ‘strong resistance’ level) would indicate that the downside risk has dissipated.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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