The pair’s near term outlook remains neutral while it could still test the 1.1630 area in the next weeks, according to FX Strategists at UOB Group.
Key Quotes
24-hour view: “Expectation for EUR to test the strong 1.1630 resistance did not materialize as it slipped to an overnight low of 1.1528. The underlying tone remains weak and from here, there is a good chance that the 1.1500 support would be challenged. A dip below this level is not ruled out but for today, a break of the next support at 1.1470 would come as a surprise. Resistance is at 1.1585 but the stronger level is at 1.1610″.
Next 1-3 weeks: “The pull-back from 1.1623 was more rapid than expected but only a break of 1.1470 would indicate that the current upward pressure has eased”.
Share
