EUR/USD faces a potential new visit to 1.1025 – UOB

FX Strategists at UOB Group sees further weakness in EUR/USD and a probable test of yearly lows at 1.1025.

Key Quotes

24-hour view: “Despite the sharp bounce from a low of 1.1065, it is too soon to expect a sustained recovery. EUR is more likely to consolidate its loss and trade sideways at these lower levels, likely between 1.1065 and 1.1115”.

Next 103 weeks: “EUR closed lower for the fourth straight day last Friday as it dropped to 1.1065 before settling at 1.1089 (-0.15%). Downward pressure has increased further and from here, a retest of the early August low of 1.1025 would not be surprising. That said, it is unclear at this stage whether there is enough momentum to break the crucial 1.1000 level. On the upside, only a move above 1.1160 would indicate that the current downward 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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD holds above 1.10 post-hawkish Fed cut

EUR/USD manages to hold above the1.10 after the Fed cut rates but signaled no further rate reductions. The bank acknowledged the strong labor market and robust consumption. However, it is worried about investment.


GBP/USD: Rising wedge at the top inflates downside risk

GBP/USD portrays a short-term rising wedge bearish formation while trading near 1.2475 during the Asian session on Thursday. One-week-old rising wedge surrounding monthly tops questions buyers.


USD/JPY keeps losses below 108.00 as BOJ disappoints the doves

USD/JPY keeps the losses below 108.00, as the Japanese Yen remains on the front foot in reaction to the Bank of Japan's (BOJ) status-quo that came in as a disappointment for the doves. 


Gold: Indecisive market, focus on today's close

Gold is currently trading at $1,480 per Oz, representing 0.21% drop on the day. On Wednesday, the yellow metal witnessed two-way business before ending the day with moderate losses at $1,494.

Gold News

Bitcoin dives below $10,000

Bitcoin has lost its cool towards the end of the Asian session on Thursday. After managing to defend $10,000 over the last few days, the granddaddy of cryptos has plunged below several other support areas including $9,900 and $9,800. 

Read more