EUR/USD faces support around 1.1285 – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, further pullbacks in EUR/USD are seen limited around the 1.1285 level for the time being.

Key Quotes

24-hour view: “EUR traded in a relatively quiet manner between 1.1315 and 1.1356 yesterday before closing at 1.1341 (+0.14%). Momentum indicators are mostly neutral and EUR is likely to trade sideways for today, expected to be within a range of 1.1320/1.1370.”

Next 1-3 week: “Our latest narrative was from Monday (17 Jan, spot at 1.1410) where we highlighted that ‘upward momentum is beginning to wane and a break of 1.1390 would indicate that 1.1515 is out of reach’. EUR subsequently fell sharply. Despite the sharply decline, downward momentum has not improved by much. There is a slight downward bias from here but any weakness is likely limited to a test of 1.1285. On the upside, a breach 1.1400 would indicate that the current mild downward pressure has eased.”

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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