There’s a probability for Euro (EUR) to check, and probably dip beneath 1.1585 towards US Greenback (USD); any additional decline is unlikely to achieve 1.1540. Within the longer run, in the intervening time, EUR is prone to commerce in a spread between 1.1540 and 1.1685, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
EUR may take a look at, and probably dip beneath 1.1585
24-HOUR VIEW: “Yesterday, when EUR was at 1.1645, we indicated that ‘the present worth actions are probably a part of a spread buying and selling part, almost certainly between 1.1610 and 1.1670.’ The following worth motion didn’t end up as anticipated. EUR rose to 1.1675 after which staged a surprisingly sharp drop that reached a low of 1.1589. It then closed at 1.1614, down by 0.21%. There was a rise in downward momentum, albeit not a lot. Right this moment, there’s a probability for EUR to check, and probably dip beneath 1.1585. Based mostly on the present momentum, any additional decline is unlikely to achieve 1.1540. Resistance is at 1.1635, adopted by 1.1665.”
1-3 WEEKS VIEW: “The next are from our replace yesterday: ‘In our newest narrative from final Thursday (07 August, spot at 1.1655), we highlighted that EUR ‘is prone to commerce with an upward bias, however it’s unclear for now if it could possibly attain 1.1720. We are going to keep the identical view so long as the ‘robust help’ at 1.1585 (no change in ‘robust help’ stage) will not be breached.’ EUR then fell and reached a low of 1.1589 within the NY session. Though our ‘robust help’ stage has not been clearly breached but, upward strain has largely eased. EUR has probably entered a consolidation part. In the intervening time, we count on EUR to commerce between 1.1540 and 1.1685.”
