FX Strategists at UOB Group noted EUR/USD faces a potential deeper pullback below the 1.2050 level. Key Quotes 24-hour view: “We highlighted yesterday that ‘the bias remains on the downside even though 1.2050 is a solid support and may not be easy to crack’. However, EUR recovered quickly after touching a low of 1.2079 (high has been 1.2141). Downward pressure has eased and for today, EUR is likely to trade sideways, expected to be within a 1.2085/1.2150 range.” Next 1-3 weeks: “We have held the same view since last Friday (22 Jan, spot at 1.2165) where we expect EUR to ‘trade between 1.2080 and 1.2250 for a period of time’. Since then, EUR has traded mostly sideways but it dropped sharply to 1.2056 yesterday. Shorter-term downward momentum is improving and the risk is shifting to the downside. That said, EUR has to close below 1.2050 before a sustained decline can be expected. The odds for such a move are quite high unless EUR moves above 1.2180 within these few days. Looking ahead, the next support below 1.2050 is at 1.2000.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next USD/JPY refreshes seven-week top as risk-off mood favors US dollar FX Street 1 year FX Strategists at UOB Group noted EUR/USD faces a potential deeper pullback below the 1.2050 level. Key Quotes 24-hour view: “We highlighted yesterday that ‘the bias remains on the downside even though 1.2050 is a solid support and may not be easy to crack’. However, EUR recovered quickly after touching a low of 1.2079 (high has been 1.2141). Downward pressure has eased and for today, EUR is likely to trade sideways, expected to be within a 1.2085/1.2150 range.” Next 1-3 weeks: “We have held the same view since last Friday (22 Jan, spot at 1.2165) where we expect EUR to… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
