UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang note EUR/USD risks extra weakness in the next few weeks. Key Quotes 24-hour vi
24-hour view: Yesterday, we expected EUR to trade in a range of 1.0870/1.0915. We did not anticipate the spike in volatility. After rising to a high of 1.0930, EUR plummeted to a low of 1.0831 and then closed at 1.0844 . The rapid decline has gathered momentum, and EUR is likely to weaken further today. A clear break of the major support at 1.0830 could lead to a drop to 1.0790 before the risk of a rebound increases. Resistance is at 1.0870, followed by 1.0890.
Next 1-3 weeks: We highlighted yesterday that “downward momentum is beginning to wane, albeit tentatively.” We held the view that “only a breach of 1.0930 would indicate that EUR is not ready to head lower to 1.0830.” We did not quite expect the subsequent price actions as EUR rose to 1.0930 , then fell sharply and came within a pip of 1.0830 . Downward momentum has been ‘boosted’, and a break of 1.0830 is likely. The next level to focus on below 1.0830 is a considerable support level near 1.
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