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EUR/USD still risks a test of 1.1025 – UOB

FX Strategists at UOB Group still see scope for EUR/USD to revisit yearly lows near 1.1020 in the next weeks.

Key Quotes

24-hour view: “EUR traded between 1.1074 and 1.1113 yesterday, narrower than our expected sideway trading range of 1.1065/1.1115. While the slightly improved downward momentum could result in EUR dipping below last week’s 1.1065 low, a sustained decline below this level is unlikely (next support at 1.1040 followed by the major level of 1.1025). On the upside, 1.1115 remains as a strong resistance level (minor resistance is at 1.1100)”.

Next 1-3 weeks: “EUR closed lower for the fourth straight day last Friday as it dropped to 1.1065 before settling at 1.1089 (-0.15%). Downward pressure has increased further and from here, a retest of the early August low of 1.1025 would not be surprising. That said, it is unclear at this stage whether there is enough momentum to break the crucial 1.1000 level. On the upside, only a move above 1.1160 would indicate that the current downward pressure has eased”.

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