EUR/USD now looks at 1.0800 – UOB – by pabspiovano EURUSD Currencies Majors Banks
remains unchanged for the time being, note Economist Lee Sue Ann and Markets Strategist Quek Ser Leang and UOB Group.24-hour view: “We expected EUR to ‘weaken further’ last Friday but we were of the view that ‘it is unlikely to break the major support at 1.0850 today’. Our view of EUR weakness was correct even though it slightly breached 1.0850 . While severely oversold, EUR weakness has yet to stabilize. However, the major support at 1.0800 is likely out of reach today. Resistance is at 1.
Next 1-3 weeks: “Last Friday , we turned negative in EUR and highlighted that it ‘is likely to head lower in the coming days’. We added, ‘the level to watch is 1.0850, as a break of this key support could potentially trigger a sharp and rapid drop in EUR’. While our view was not wrong, we did not quite expect EUR to breach 1.0850 so quickly as it plummeted to a low of 1.0846 . There is no change in our negative EUR view and the next level to watch is 1.0800.
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