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EUR/USD scope for a test of 1.1780 very near term – UOB

FX Strategists at UOB Group noted the pair could re-test recent lows in the 1.1780 region in the very near term.

Key Quotes

24-hour view: “The anticipated EUR weakness exceeded our expectation but the decline was thwarted by the strong support highlighted at 1.1780 yesterday (overnight low of 1.1779). Despite the bounce from the low, the undertone remains weak and a retest of 1.1780 would not be surprising. The next support at 1.1740 is however, unlikely to come into the picture. On the upside, only a move back above 1.1855 would indicate that the current mild downward pressure has eased (minor resistance is at 1.1830)”.

Next 1-3 weeks: “The mild upward pressure highlighted in recent updates has eased as EUR slipped below the key short-term support at 1.1805 yesterday (low of 1.1799). The neutral phase that started 3 weeks ago remains intact and from here, EUR is expected to trade sideways, likely within a relatively broad 1.1740/1.1940 range”.

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