Moving to support 1.1025 – UOB Group

Room for EUR to retest 1.1025 level; the chance of a sustained break below this level is not high at the moment, note UOB Group FX strategists Quek Ser Leang and Alvin Liew.

EUR is set to retest the 1.1025 level

24-HOUR OUTLOOK: “In New York trade last Friday, the EUR traded sharply between 1.1064 and 1.1155, closing at 1.1083 (-0.24%). Despite the choppy price movements, the underlying tone appears to have softened somewhat. Today, the EUR is expected to decline, possibly testing the 1.1055 level. Last week’s low of 1.1025 is unlikely to be seen. Resistance is at 1.1115 and 1.1135.”

WEEKS 1-3: “The EUR appears to be under mild downward pressure and there is room for it to retest last week’s low of 1.1025. At this point, the chance of a sustained break below this level is not high. Slight downward pressure is intact provided 1.1160 is not breached.”