Further decrease in EUR/USD appears to be losing traction, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.
Key Quotes
24- hour view: We did not prepare for the abrupt boost in volatility as EUR dipped briefly to 1.0780 in NY trade and after that took off and skyrocketed to 1.0891 While overbought, the fast increase might evaluate 1.0915 prior to alleviating. The significant resistance at 1.0955 is extremely not likely to come under danger. Assistance is at 1.0855, followed by 1.0835
Next 1-3 weeks: After EUR was up to 1.0764 and rebounded, in our newest story from Monday (28 Aug, area at 1.0795), we highlighted that EUR might combine for a number of days prior to decreasing to 1.0730 We included, “if EUR breaches the ‘strong resistance’ level at 1.0875, it would show that the weak point in EUR that began early recently has actually stabilised.” The other day, EUR broke above 1.0875(high has actually been 1.0891). Not just has the weak point in EUR stabilised, however up momentum has actually likewise constructed. EUR is most likely to trade with an upward predisposition in the meantime. It stays to be seen if there is adequate momentum for it to break the significant resistance level at 1.0955(see upgraded 1-3 months see listed below). The upward predisposition is undamaged as long as EUR remains above 1.0805(‘ strong assistance’ level) in the next couple of days.
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