According to FX Strategists at UOB cluster, EUR/USD remains headed towards the one.1020 region.
Key Quotes
24-hour view: “EUR listed between one.1062 and 1.1112 yesterday, wider than our expected sideway commerce vary of one.1070/1.1115. Despite the comparatively ‘active’ worth action, most indicators stay ‘flat’. That said, the quiet consolidation part over the past few days seems to be about to ending. For now, EUR might still trade between one.1060 and 1.1115 however a transparent run off the vary may lead to a speedy worth action. consequent support below one.1060 is at one.1025 whereas the resistance on top of one.1115 is at one.1160”.
Next one-3 weeks: “There isn't a lot of to feature as EUR eked out a contemporary 3-week low of 1.1062 before sick to shut for the most part unchanged for the day at one.1078 (-0.04%). we've command constant read since Mon (19 Gregorian calendar month, spot at 1.1095) whereby there's scope for EUR to retest the first August low of one.1025. A dip below this level isn't dominated out however as highlighted, the prospect for an occasion of the crucial one.1000 level isn't high. solely a retreat on top of one.1160 (no amendment ‘key resistance’ level) would indicate this downward pressure in EUR has eased”.
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