In opinion of Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group, further downside in24-hour view: “While we expected EUR to drop yesterday, we indicated that ‘any weakness is viewed as part of a 1.0940/1.1045 range’. However, EUR easily breached 1.0940 and dropped to 1.0907. Downward momentum is improving and EUR is likely to decline further. In view of the oversold conditions, a sustained drop below 1.0890 is unlikely. The major support at 1.
Next 1-3 weeks: “We noted yesterday that while upward momentum is beginning to fade, only a breach of 1.0940 would indicate that EUR is not strengthening further. In NY trade, EUR cracked 1.0940 and fell to a low of 1.0907. Downward momentum appears to be building, albeit tentatively. From here, EUR is likely to trade with a downward bias but any decline is expected to face solid support at 1.0830. To put it another way, at this stage, a clear break below 1.0830 appears unlikely.
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pabspiovano The retracement could be coming to an end... upcoming bullish rally?
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