EUR/USD still risks further downside – UOB

Pablo Piovano FXStreet

Extra losses appear in store for EUR/USD in the next few weeks, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.

Key Quotes

24-hour view: While we expected EUR to ‘weaken further” yesterday, we were of the view that “the support at 1.0430 is likely out of reach.’ EUR then dipped to a low of 1.0447 and then closed at 1.0465 (-0.11%). While there is no clear increase in momentum, EUR could test 1.0430 today before levelling off. The next support at 1.0400 is highly unlikely to come under threat. Resistance is at 1.0485, followed by 1.0500.

Next 1-3 weeks: We continue to hold the same view as yesterday (03 Oct, spot at 1.0480). As highlighted, EUR is still in a bearish phase, and it is likely to weaken to 1.0430, potentially below 1.0400. If EUR breaks above 1.0545 (‘strong resistance’ level was at 1.0565 yesterday, it would mean that EUR is not weakening further.

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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