Room for EUR to retest the 1.1025 stage; the possibility of a sustained break under this stage just isn’t excessive at the moment, UOB Group FX strategists Quek Ser Leang and Alvin Liew be aware.
EUR is ready to retest the 1.1025 stage
24-HOUR VIEW: “In NY commerce final Friday, EUR traded choppily between 1.1064 and 1.1155, closing at 1.1083 (-0.24%). Regardless of the uneven value actions, the underlying tone appears to have softened considerably. At this time, EUR is anticipated to edge decrease, probably testing the 1.1055 stage. Final week’s low of 1.1025 is unlikely to become visible. Resistance is at 1.1115 and 1.1135.”
1-3 WEEKS VIEW: “EUR appears to be beneath gentle downward stress, and there may be room for it to retest final week’s low of 1.1025. Right now, the possibility of a sustained break under this stage just isn’t excessive. The gentle downward stress is undamaged supplied that 1.1160 just isn’t breached.”
