EUR/USD: Diminishing bets for a move below 1.0615 – UOB – by pabspiovano EURUSD Currencies Majors Banks
According to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, the prospects for a sustained drop below 1.0615 in24-hour view: “We expected EUR to weaken last Friday but we were of the view that it ‘is unlikely to challenge the major support at 1.0615’. While EUR cracked 1.0615 in London trade, it rebounded strongly to end the day higher by 0.24% . The rebound amid oversold conditions suggests EUR is unlikely to weaken further.
Next 1-3 weeks: “Our most recent narrative was from last Thursday where ‘downward momentum is building again but EUR has to break and stay below 1.0655 before a sustained decline is likely’. We indicated, ‘a clear break of 1.0655 will shift the focus to 1.0615, followed by 1.0535’. While EUR subsequently took out both 1.0655 and 1.0615, it rebounded strongly from 1.0611 to end the day higher by 0.24% .
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