According to the currency strategists at UOB Group, a EUR / USD drop to 1.1530 now appears to have lost some traction.
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24 hour view: “Last Friday, we highlighted that ‘EUR / USD weakness does not appear to have stabilized, but any decline is unlikely to question the important support at 1.1530’. However, EUR / USD moved between 1.1561 and 1.1607 before closing. at 1.1594. The downward pressure has eased and the EUR / USD is likely to move sideways today, expected to be within a range of 1.1575 / 1.1635. “
Next 1-3 weeks: “We have expected a weaker EUR / USD since the beginning of last week. In our update last Friday (October 1, EUR / USD at 1.1575), we highlighted that ‘the downside momentum has slowed a bit and, although EUR / USD could decline further, the important and strong support at 1.1530 may not be easy to break. ‘Subsequently, EUR / USD rallied to 1.1607 before closing at 1.1594 (+ 0.11%). has slowed further and a breakout of 1.1655 (no change at the “strong resistance” level) would indicate that the EUR / USD weakness is over. In other words, the odds of the EUR / USD moving to 1.1530 have decreased “.
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