FX Strategists at UOB Group keep the neutral outlook on EUR/USD and see chances of a test of 1.0830 in the next weeks.
“While EUR traded sideways as expected, the weak daily closing suggests increasing downward pressure. From here, any rebound is expected to stay below yesterday’s peak near 1.0775/80 with 1.0755 acting as a minor resistance. That said, any further decline is expected to encounter solid support at 1.0700 and the major level of 1.0670 is unlikely to be seriously threatened”.
“EUR closed largely unchanged yesterday and there is no change to our view wherein we expect the current recovery to extend towards 1.0825/30. This level is the year-to-date high and is a solid resistance and is not expected to yield so easily (next resistance is at the December’s high of 1.0870/75). Only a move back below 1.0670 would indicate that the immediate upward pressure has eased”.
- R3 1.0762
- R2 1.0754
- R1 1.0749
- PP 1.0741
- S1 1.0736
- S2 1.0728
- S3 1.0723
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