According to FX Strategists at UOB Group, EUR/USD risks further losses while below 1.1850.
24-hour view: “Our view for EUR to ‘consolidate and trade within a 1.1790/1.1830 range’ was incorrect. EUR popped to a high of 1.1845 during NY session before dropping back down quickly. The rapid decline from the high has scope to extend lower but the prospect for a sustained decline below 1.1770 is not high (there is another support at 1.1790). Resistance is at 1.1820 followed by 1.1835.”
Next 1-3 weeks: “We highlighted yesterday (14 Sep, spot at 1.1810) that as long as EUR stays below 1.1850, there is scope for EUR to close below 1.1770. EUR subsequently popped to a high of 1.1845 before retreating. There is no change in our view for now but EUR has to close below 1.1770 within these 1 to 2 days or the odds for further weakness would diminish quickly. Looking ahead, the next support below 1.1770 is at 1.1725.”
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.