In the opinion of the UOB Group’s currency strategists, EUR / USD is at risk of further decline In the next weeks.
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24 hour opinion: “Yesterday we highlighted that the EUR / USD ‘could fall below 1.1680, but it may not be able to maintain a support point below this level.’ And we added that ‘the next support is at 1.1662’. Subsequently, the EUR / USD fell to 1.1666 before picking up slightly to close at 1.1681 (-0.11%). Despite the decline, the downside momentum has not improved much and EUR / USD is unlikely to weaken much further. today, the EUR / USD is more likely to consolidate at these lower levels, probably between 1.1660 and 1.1705. “
Next 1-3 weeks: “Yesterday (September 28, EUR / USD at 1.1695), we highlighted that ‘the downside momentum is showing possible signs of construction and a daily close below 1.1680 would indicate that the EUR / USD could break the August low at 1.1662 and head towards 1.1630. ‘Subsequently, the EUR / USD fell to 1.1666 before closing at 1.1681 (-0.11%). While we prefer a lower daily close, the price action suggests that the EUR / USD is likely to trade with a bias to the downside from here. That said, the downside momentum still appears to be a bit tentative and the major support at 1.1630 may not enter the scene that soon. On the upside, a breakout of 1.1745 (unchanged at yesterday’s ‘strong level’ of resistance) would indicate that the current bearish bias has eased. “
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