The EUR/USD is still at risk of further losses in the coming weeks, FX strategists at UOB Group, Lee Sue Ann, and Quek Ser Leang.
24 hour outlook: “Yesterday, we highlighted that downward pressure had eased and we expected the EUR to consolidate and trade between 0.9920 and 1.0010. The Euro subsequently fell to 0.9908, quickly rebounded to 0.9999 before closing virtually unchanged at 0.9965 (-0.02 Price actions still appear to be part of a consolidation phase and the euro is likely to trade between 0.9925 and 1.0010 today“.
Next 1-3 weeks: “Not much to add to our update yesterday (Aug 24, pair at 0.9965). As we have highlighted, although the short-term bearish momentum has subsided, there is still room for the Euro to weaken. Only breaking above 1.0035 (no change from yesterday’s ‘strong resistance’ level) would indicate that the euro weakness that started last week has run its course, meanwhile, oversold conditions could lead to a couple of days of consolidation ahead. , the support levels are at 0.9870 and 0.9830“.
Source: Fx Street
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