EUR/USD: Further weakness likely below 1.1070 – UOB – by pabspiovano EURUSD Currencies Majors Banks
risks extra losses while below the 1.1070 level, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: We did not anticipate the surge in volatility in EUR yesterday. After rising to a high of 1.1143, EUR sold off sharply and plunged to 1.0964. Unsurprisingly, the sharp and swift drop is oversold. However, the weakness has not stabilised just yet. Today, EUR could drop below the major support near 1.
Next 1-3 weeks: Our latest narrative was from two days ago , wherein, while EUR “could dip below 1.1010, the probability of it dropping to the next major support at 1.0965 is not high for now.” Yesterday, EUR rose above our ‘strong resistance’ level of 1.1135 before plunging to a low of 1.0965 . From here, EUR must break and stay below 1.0965 before further EUR weakness is likely. The risk of EUR breaking clearly below 1.0965 will remain intact as long as it stays below 1.
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