Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group note there is scope for EUR/USD to retreat to the 1.0860 zone in the near term.
Key Quotes
24-hour view: We held the view yesterday that EUR “could drop to 1.0900 before stabilisation is likely.” In London trade, EUR dropped to 1.0910 and then rebounded to close little changed in NY (1.0944, 0.07%). EUR appears to have moved into a consolidation phase, and it is likely to trade in a range of 1.0920/1.0985 today.
Next 1-3 weeks: Our update from yesterday (03 Aug, spot at 1.0940) still stands. As highlighted, after EUR broke below the strong support at 1.0920 on Wednesday (02 Aug), there was a boost in momentum. This boost in momentum is likely to lead to EUR weakening further to 1.0865. On the upside, if EUR breaks above the ‘strong resistance’ level at 1.1020 (no change in level), it would indicate that the EUR weakness that began in the middle of last week has stabilised.
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