Extra losses appear in store for EUR/USD in the next few weeks, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia. Ke
24-hour view: While we expected EUR to ‘weaken further” yesterday, we were of the view that “the support at 1.0430 is likely out of reach.’ EUR then dipped to a low of 1.0447 and then closed at 1.0465 . While there is no clear increase in momentum, EUR could test 1.0430 today before levelling off. The next support at 1.0400 is highly unlikely to come under threat. Resistance is at 1.0485, followed by 1.0500.
Next 1-3 weeks: We continue to hold the same view as yesterday . As highlighted, EUR is still in a bearish phase, and it is likely to weaken to 1.0430, potentially below 1.0400. If EUR breaks above 1.0545 around mid-July has been reaffirmed after a federal judge rejected the commission’s motion to file an interlocutory appeal.Correlation is not something to care about – investors are not scientists looking for rigorous proof that an economic indicator is a leading indicator.
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