The selling pressure in EUR/USD appears mitigated above 1.0545, note Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Grou
p. Key Quotes 24-hour view:Yesterday, we held the view that EUR could test the support at 1.0430 before levelling off. Our view was incorrect. After dipping to 1.0450, EUR rebounded to a high of 1.0532. The price action is likely part of a sideways trading phase. Today, we expect EUR to trade between 1.0470 and 1.0535.
Next 1-3 weeks:Two days ago , we highlighted that EUR “is still in a bearish phase, and it is likely to weaken to 1.0430, potentially below 1.0400.” EUR dropped to 1.0447 and has since rebounded. Downward momentum is beginning to slow, and if EUR breaks above 1.0545 , it would mean that 1.0430 is not coming into view this time around.
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