EUR/USD: Upside bias lost traction – UOB


In opinion of FX Strategists at UOB Group, the upside momentum in EUR/USD has subsided and now looks to 1.1590.

Key Quotes

24-hour view: “We highlighted yesterday that the ‘the bias for EUR is on the upside but any advance is unlikely to challenge the major resistance at 1.1680’. EUR subsequently rose to 1.1667 before staging a surprisingly sharp pullback (low of 1.1618 in NY). The pullback from the high appears to have room to extend but a break of the strong support at 1.1590 is unlikely (there is another support at 1.1605). On the upside, a breach of 1.1650 would indicate that the downward pressure has eased (minor resistance is at 1.1635).”

Next 1-3 weeks: “Two days ago (20 Oct, spot at 1.1630), we highlighted that EUR could consolidate for a couple of days first but it is likely to head to the next major resistance at 1.1680 later on. Yesterday (21 Oct), EUR rose to 1.1667 before pulling back quickly. Upward momentum has eased and a break of 1.1590 (no change in ‘strong support’ level) would indicate that 1.1680 is out of reach this time round. In order to rejuvenate the flagging momentum, EUR has to move and stay above 1.1650 within these 1 to 2 days or a break of 1.1590 would not be surprising.”

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.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD hovers around 1.1350 as investors ignore yields

US Treasury yields reached fresh weekly highs but fell short of underpinning the greenback. EUR/USD firmly advanced to a fresh weekly high, although a substantial advance is still unclear. 

EUR/USD News

GBP/USD plummets to fresh 2021 lows sub-1.3200

The greenback recovers its poise as the mood partially sours, sending GBP/USD to its lowest since December 2020. Impending Brexit risks and rising covid cases in the UK weigh on the pound, fueled by persistent uncertainty about the Omicron variant.

GBP/USD News

Gold sellers happily adding on spikes

Gold trades lower in range, with the bright metal currently at around $1,781 a troy ounce. Trading has been choppy throughout the day as investors struggle to digest coronavirus developments.

Gold News

Cardano price in phenomenal buying zone as ADA targets $3

A brief technical and on-chain analysis on Cardano price. Here, FXStreet's analysts evaluate different patterns and indicators that suggest ADA is primed to advance further.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

Forex MAJORS

Cryptocurrencies

Signatures