EUR/USD risks further downside – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted EUR/USD remains poised for extra losses in the short-term horizon.

Key Quotes

24-hour view: “EUR dipped to 1.1754 yesterday before rebounding quickly. Downward pressure has eased and the risk of a sustained decline in EUR is not high. For today, EUR is more likely to trade sideways to slightly lower, expected to be within a 1.1750/1.1800 range.”

Next 1-3 weeks: “EUR edged to a low of 1.1754 yesterday before recovering to close at 1.1779 (-0.16%). Downward momentum has improved a tad and EUR could continue to edge lower but at this stage, it is too soon to expect a move to the major support at 1.1700 (there is another support at 1.1730). On the upside, a break of 1.1835 would indicate 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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