EUR/USD expected to challenge 1.1200 near term – UOB

FX Strategists at UOB Group do not rule out a challenge of the 1.1200 handle in the very near term.

Key Quotes

24-hour view: “We highlighted last Friday that EUR “could continue to trade in a choppy manner”. EUR subsequently surrendered all of its Thursday (18 Jul) gain as it dropped to a 1.1202 during late NY hours. While the outlook remains mixed, the slightly weakened underlying tone suggests EUR could dip below the strong 1.1200 support. That said, the next support at 1.1180 is unlikely to come into the picture. Resistance is at 1.1235 by followed by 1.1265”.

Next 1-3 weeks: “EUR surrendered almost all of last Thursday’s (18 Jul) gain as it practically ‘mirrored’ Thursday range on Friday but settled on a soft note (NY close of 1.1220, -0.48%). As highlighted in our update earlier on Friday (18 Jul, spot at 1.1225), the “outlook for EUR is mixed” and it is “likely to trade sideways in an ‘undecided’ manner”. That said, after Friday’s price action, EUR could trade at a lower range of 1.1160/1.1300 instead of the 1.1200/1.1320 expected previously”.

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.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

USD/JPY extends losses below 107.50 amid risk-off, eyes on Trump's response

USD/JPY loses further ground below 107.50, as the yen remains well bid amid US-China tensions and upbeat Japanese data dump. The Asian stocks and S&P 500 futures flash red. Focus shifts to the US data and President Trump's response to the Hong Kong issue. 


AUD/USD: Choppy within range below 0.6650 amid US-China risks

AUD/USD remains depressed around 0.6640 so far this Friday. Risk-tone remains heavy as global equities are weighed down by escalating US-China tensions over the Hong Kong security issue, with all eyes now on Trump's presser. 


Eurozone Inflation Preview: A sub-zero rate may be insufficient to down the euro

Preliminary eurozone CPI data for May will likely show depressed inflation. Without shocking figures, the EUR/USD has room to rise, in the opinion of FXStreet’s analyst Yohay Elam.Key quotes: “Petrol will likely put pressure on CPI."

Read more

Gold picks up a bid amid losses in the US stock futures

Gold, a traditional safe-haven asset, is drawing bids as the US stock futures are signaling risk aversion. China imposed the controversial national security bill on Hong Kong on Thursday. Markets fear the US would retaliate with sanctions on China.

Gold News

WTI eyes record monthly surge

While West Texas Intermediate (WTI) crude's front-month contract has backed off from the 2.5-month highs reached earlier this week due to deteriorating US-China tensions, it is still on track to post its biggest monthly gain on record. 

Oil News