FX Strategists at UOB Group believes there is room for EUR/USD to retest the 1.0830 region in the next weeks.
Key Quotes
“After two days of rather sharp decline, the sudden swing higher was unexpected”.
“The immediate pressure has shifted to the upside and the current EUR strength appears incomplete. The recovery appears to have room to extend higher towards the year-to-date high at 1.0825/30 but at this stage, a clear break above this level seems unlikely”.
“Support is at 1.0670 but only a move back below 1.0630 would indicate that the immediate upward pressure has eased”.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD consolidates gains above 1.1100 ahead of key events
EUR/USD stays in positive territory above 1.1100 in the second half of the day on Monday. The upbeat risk mood and growing expectations for a dovish Fed outcome this week weigh on the US Dollar and help the pair hold its ground.
GBP/USD extends rally to 1.3200 area
Following Friday's choppy action, GBP/USD gathers bullish momentum and trades at a fresh 10-day high near 1.3200. Ahead of the Fed's and the BoE's policy announcements, the US Dollar stays under pressure, allowing the pair to push higher.
Gold consolidates gains near fresh all-time highs
Gold trades in a narrow range above $2,580 after touching a new record-high near $2,590 earlier in the day. The benchmark 10-year US Treasury bond yield holds above 3.6% ahead of the Fed meeting and makes it difficult for XAU/USD to find direction.
Five Fundamentals for the week: Fed overtowers pivotal week for Gold, stocks and the US Dollar Premium
The Fed's first rate cut stands out as economic uncertainty mounts. US Retail Sales and Jobless Claims are of high interest. Rate decisions by central banks in the UK and Japan are also pivotal.
European crypto fund founder calls Tether $118 billion scam
Founder of Cyber Capital, Europe’s oldest crypto fund, criticized Tether for their reserves and said there has been no audit since 2021. In a tweet thread on X, Justin Bons supports his stance on the stablecoin firm with statistics.
Moneta Markets review 2024: All you need to know
VERIFIED In this review, the FXStreet team provides an independent and thorough analysis based on direct testing and real experiences with Moneta Markets – an excellent broker for novice to intermediate forex traders who want to broaden their knowledge base.