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 commercialism 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 on the brink of ending. For now, EUR might still trade between one.1060 and 1.1115 however a transparent get away the vary could lead on to a fast worth action. future support below one.1060 is at one.1025 whereas the resistance higher than one.1115 is at one.1160”.
Next one-3 weeks: “There isn't abundant to feature as EUR eked out a recent 3-week low of 1.1062 before convalescent to shut mostly unchanged for the day at one.1078 (-0.04%). we've got control identical read since Monday (19 August, 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 a chance of the crucial one.1000 level isn't high. solely a pull back higher than one.1160 (no modification ‘key resistance’ level) would indicate this downward pressure in EUR has eased”.
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