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In opinion of FX Strategists at UOB Group, EUR/USD is now poised for further retracements in the net weeks.

Key Quotes

24-hour view: “Our expectation for EUR to ‘decline further towards 1.1800’ did not quite materialize as it dropped to 1.1807 before closing at 1.1812 (- 0.31%). While downward momentum appears to be lackluster, the risk remains on the downside. However, EUR is unlikely to threaten the support at 1.1770. Resistance is at 1.1830 followed by 1.1855.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (24 Mar, spot at 1.1845). As highlighted, the current movement is viewed as the early stages of a weak phase in EUR that could extend lower to 1.1770, possibly 1.1740. On the upside, a break of 1.1900 (‘strong resistance’ level was at 1.1940 yesterday) would indicate that our view for a lower EUR is wrong.”