The EUR/USD it could fall back to the 1.1650 region in the coming weeks, according to currency strategists at UOB Group.
24 hour perspective: “We highlighted last Friday that the EUR was likely to first test the main support at 1.1680 before a rebound could be expected. Subsequently, the EUR fell to 1.1692 before rebounding to a high of 1.1745. The downward pressure eased. has eased and the current move is considered the early stages of a consolidation phase. For today, it is Euro is likely to trade sideways, expected to be between 1.1690 and 1.1750”.
Next 1-3 weeks: “Two days ago (Oct 14, pair at 1.1740), we held the view that the EUR was still in a consolidation phase but could test the bottom of the expected range of 1.1680 / 1.1800.” The single currency did not reach test 1.1680 as it rallied after hitting a low of 1.1686 on October 15. The Bearish momentum is starting to improve and the bias has shifted lower towards the next support at 1.1650. Only a breakout of 1.1790 would indicate that the current slight downward pressure has eased. On a short-term note, 1.1765 is already a strong resistance level.”
Credits: Forex Street
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.
