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- EUR/USD risks extra downside – UOB
EUR/USD risks extra downside – UOB
FXStreet reports that FX Strategists at UOB Group expect EUR/USD to grind lower in the next weeks.
Next 1-3 weeks: “We have held a negative view in EUR since early last week. We noted last Friday that ‘shorter-term momentum is building up again and there is still chance for EUR to edge down towards the solid support at 1.2080’. We added, ‘barring a sudden surge in momentum, the prospect for a sustained decline below this level is not high’. The subsequent strong surge in momentum came as a surprise as EUR cracked 1.2080 and dropped to 1.2072. In view of the vastly improved momentum, further EUR weakness is likely. The next level to focus on is at last September’s peak (resistance-turned-support) near 1.2010. Overall, the current negative phase could remain intact for a while more unless EUR moves above 1.2170 (‘strong resistance’ level was at 1.2220 last Friday).”
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