- Analytics
- News and Tools
- Market News
- EUR/USD faces a solid support around 1.0470 – UOB
EUR/USD faces a solid support around 1.0470 – UOB
Markets Strategist at UOB Group Quek Ser Leang and Senior FX Strategist Peter Chia note further downside in EUR/USD is expected to meet a solid support around 1.0470.
Key Quotes
24-hour view: “Yesterday, we expected EUR to edge higher but we were of the view that ‘the major resistance at 1.0800 is not expected to come under threat’. EUR then rose to 1.0759 before lurching lower and nosediving by 1.46% (NY close of 1.0575), its largest 1-day drop since Sep last year. While EUR could weaken further, a clear break of 1.0500 is unlikely. Resistance is at 1.0610; a breach of 1.0640 would indicate that EUR is unlikely to test 1.0500.”
Next 1-3 weeks: “Our latest narrative was from Monday (13 Mar, spot at 1.0685) where we were of the view that EUR ‘is likely to consolidate between 1.0560 and 1.0800’. EUR rose to 1.0759 in London trade yesterday before plunging below 1.0560 (low has been 1.0514). While the rapid drop appears to be ‘too fast, too soon’, the risk of EUR dropping further has increased. However, 1.0470 is a major support, and it remains to be seen if EUR can break this level. Overall, only a breach of the ‘strong resistance’ at 1.0680 in the next days would indicate that the downside risk has faded.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
