EUR/USD: Upside momentum lost traction – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “In NY trade, USD dropped sharply to a low of 1.0962. Downward momentum has improved, albeit not much. EUR is likely to edge lower from here but is unlikely to challenge the major support at 1.0915 . The downward pressure is intact as long as it stays below 1.1010 .”
Next 1-3 weeks: “Our latest narrative was from last Thursday . We highlighted that ‘despite the relatively strong advance to 1.1095 on Wednesday, upward momentum has not improved much’. We added, ‘while EUR could ratchet higher towards 1.1120, the odds for a sustained rise above this major resistance level are not high for now’. Yesterday, EUR dropped to a low of 1.0962. While our ‘strong support’ at 1.0950 has not been breached, upward momentum has more or less faded.
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