EUR/USD ready to resume the downside below 1.1160 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted EUR/USD could see further losses on a close below 1.1160.

Key Quotes

24-hour view: “Yet another indecisive day for EUR as it posted another ‘inside day’ on Tue, in an uninspiring 1.1169/1.1228 range. Although spot is now nearer to the 1-week range low at 1.1160, it is probably not advisable to forerun a downside move until support at 1.1140 is taken out convincingly. Otherwise, we still expect yet another consolidative day with resistance still at 1.1230”.

Next 1-3 weeks: “While upwards momentum appears strong, we are still not convinced to transit into a ‘positive phase’ as yet. As such, EUR is likely to consolidate recent gains and trades in a higher range between 1.1200 and 1.1300. A drop below 1.1160 indicates that the recent strength in EUR has run its course and may be resuming its downtrend”.

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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