EUR/USD still risks a move to 1.1530 – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, EUR/USD could still slip back to the 1.1530 region while below 1.1655.

Key Quotes

24-hour view: “EUR traded between 1.1579 and 1.1622 yesterday, narrower than our expected sideway-trading range of 1.1580/1.1635. The underlying tone has weakened somewhat and EUR could drift lower but any decline is unlikely to break last week’s low near 1.1560 (minor support is at 1.1580). Resistance is at 1.1620 followed by 1.1635.”

Next 1-3 weeks: “Our latest narrative from Monday (04 Oct, spot at 1.1605) still stands. As highlighted, downward momentum has slowed and a break of 1.1655 (no change in ‘strong resistance’ level) would indicate that the weakness in EUR that started about a week ago has come to an end. As long as the ‘strong resistance’ at 1.1655 is not breached, there is still chance, albeit a slim one, for EUR to head lower towards the major support at 1.1530. Looking ahead, a breach of the ‘strong resistance’ level would indicate that EUR could consolidate and trade sideways for a period of time.”

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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