EUR/USD still looks to 1.1025

According to FX Strategists at UOB Group, EUR/USD is still headed towards the 1.1020 region.

Key Quotes

24-hour view: “EUR traded between 1.1062 and 1.1112 yesterday, wider than our expected sideway trading range of 1.1070/1.1115. Despite the relatively ‘active’ price action, most indicators remain ‘flat’. That said, the quiet consolidation phase over the past few days appears to be close to ending. For now, EUR could continue to trade between 1.1060 and 1.1115 but a clear break out the range could lead to a rapid price action. The next support below 1.1060 is at 1.1025 while the resistance above 1.1115 is at 1.1160”.

Next 1-3 weeks: “There is not much to add as EUR eked out a fresh 3-week low of 1.1062 before recovering to close largely unchanged for the day at 1.1078 (-0.04%). We have held the same view since Monday (19 Aug, spot at 1.1095) wherein there is scope for EUR to retest the early August low of 1.1025. A dip below this level is not ruled out but as highlighted, the prospect for a break of the crucial 1.1000 level is not high. Only a move back above 1.1160 (no change ‘key resistance’ level) would indicate the current downward pressure in EUR has eased”.

Share: Feed news

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.