EUR / USD: BUYING INTEREST LOSES GROUND - UOB

Posted 17 July, 2020

Important quotes

24-hour outlook: "We stressed yesterday that 'the upward momentum has weakened and the 1.1451 high is likely to be an intermediate high' and we expect the EUR to 'consolidate and trade between 1.1380 and 1.1445' ' The EUR rose to the 1.1442 high during the NY hours before falling sharply and quickly to the 1.1369 low (closed at 1.1383, -0.24%), a sign of a weakening fundamental tone that the EUR could drift further down from here, but for today, any decline should be limited to a test of 1.1350 support (the next support will probably not come into play). Resistance is 1.1405, followed by the 1.1425 ".

Next 1-3 weeks: "On Wednesday (July 15th, rate at 1.1410), we indicated that the EUR was 'likely to trade on a positive note'. However, we considered that" the current dynamic may not sufficient to carry the EUR above the previous year high of 1.1492 ". The EUR then tried to climb well above the 1.1450 mark (high at 1.1451 on Wednesday and 1.1442 yesterday), but failed. The upward momentum has been affected, but for now there is no change in our view that there is still a chance for the EUR to move closer to the 1.1492, only a break of the 1.1320 (no change in the level of the 'strong') Support ') would indicate that the current upward pressure has resolved. "

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