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EUR/USD: Downside pressure looks mitigated – UOB

 EUR/USD: Downside pressure looks mitigated – UOB

Extra decline in EUR/USD appears to be like to be shedding traction, display cowl Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.

Key Quotes

24-hour watch: We did no longer await the unexpected enhance in volatility as EUR dipped briefly to 1.0780 in NY alternate after which lifted off and soared to 1.0891. Whereas overbought, the swiftly upward push might perchance perchance well take a look at 1.0915 sooner than easing. The essential resistance at 1.0955 is extremely no longer susceptible to plan below threat. Toughen is at 1.0855, adopted by 1.0835.

Subsequent 1-3 weeks: After EUR fell to 1.0764 and rebounded, in our most standard legend from Monday (28 Aug, self-discipline at 1.0795), we highlighted that EUR might perchance perchance well consolidate for just a few days sooner than declining to 1.0730. We added, “if EUR breaches the ‘sturdy resistance’ stage at 1.0875, it would point to that the weakness in EUR that started early final week has stabilised.” The day old to this, EUR broke above 1.0875 (high has been 1.0891). Not only has the weakness in EUR stabilised, but upward momentum has additionally constructed. EUR is susceptible to alternate with an upward bias for now. Alternatively, it stays to be seen if there is ample momentum for it to interrupt the major resistance stage at 1.0955 (uncover updated 1-3 months watch under). The upward bias is undamaged so long as EUR stays above 1.0805 (‘sturdy toughen’ stage) in the following few days.

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