Negative undertone returned to EUR/USD – UOB


FX Strategists at UOB Group now believe spot could slip back to the 1.1100 region ahead of 1.1070 in the near term.

Key Quotes

24-hour view: “Against our expectation of a consolidative day, EUR traded lower overnight and tested below its key support at 1.1140 (low 1.1129) before closing at 1.1138. The undertone has turned negative and it is likely that EUR would slip further across the day. Expect support at 1.1100 and the next key level of 1.1070 is unlikely to come into the picture today. On the topside, resistance is at 1.1170 and only a move above 1.1200 would indicate that downside pressures have eased”.

Next 1-3 weeks: “After 6 days of sideways move, EUR has broken below one of its key supports at 1.1160 overnight and touched a low of 1.1129. The undertone has turned negative and downside pressures have increased. On the downside, expect supports at 1.1100 and 1.1070. A daily close below 1.1100 would probably fuel expectations for the key low of 1.1025 to come next into focus. On the topside, expect resistance at 1.1210 and only a convincing break above the cluster of highs near 1.1250 would indicate that downside pressures have eased”.

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.

Feed news

Latest Forex News

Editors’ Picks

EUR/USD flirts with 1.1100 as the dollar loses steam

The EUR/USD pair bounced from a daily low of 1.1065, as demand for the greenback receded during US trading hours. Upside caped for the shared currency amid fears of a German recession, Italian political turmoil.

EUR/USD News

GBP/USD losses upside momentum at the start of the key day

While optimism surrounding soft Brexit helped the GBP/USD pair to rise on the previous day, the Cable retraces to 1.2165 amid initial Wednesday morning in Asia. The UK PM’s visit to Germany will be closely observed.

GBP/USD News

USD/JPY: bears moving back to the front

Demand for safe-haven assets picked up in the American session. US 10-year Treasury note yield fell to 1.54% intraday, settles barely above. USD/JPY to resume decline on a break below 106.05, a Fibonacci support.

USD/JPY News

Gold: Bulls cheer pullback from 10-day EMA

Following its successful bounce off 10-day exponential moving average (EMA), Gold takes the bids to $1507 during the early Asian session on Wednesday. The yellow metal now heads to Friday’s high around $1528 ahead of questioning the monthly top surrounding $1535.

Gold News

Top 3 Price Prediction Bitcoin, Ripple, Ethereum: Planning the next bullish move after consolidating gains

Trading cryptos is not a one-way street – meteoric unstoppable gains belong to the past. Nevertheless, the bullish sentiment seems to prevail. Digital coins advanced on Monday and are consolidating on Tuesday. 

Read more

MAJORS

Cryptocurrencies

Signatures


  •  
  •  
  •  
  •  
  •