Currency strategists at UOB Group note that EUR / USD faces a possible drop to the 1.1600 area In the next weeks.
Featured Comments
24-hour view: “Last Friday, we considered that EUR / USD ‘could go down and test the next big support at 1.1640 first before the risk of a rebound increases.’ However, EUR / USD fell to 1.1662 before to rebound (the high was 1.1704). The bounce seems to have room to test 1.1720. Strong resistance at 1.1745 is not expected to be threatened. Support is at 1.1680, followed by 1.1665. “
Next 1-3 weeks: “Not much to add to our update last Friday (Aug 20, EUR / USD at 1.1675). As highlighted, although the downside momentum has not improved much, the risk is still from lower EUR / USD. A breakout of 1.1640 would shift focus to the higher and rather critical 1.1600 level. In general, downside risk is considered intact as long as EUR / USD remains below 1.1745 (no change in ‘strong resistance’ level).
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
