EUR/USD now looks to 1.1750 – UOB

 FX Strategists noted UOB Group EUR / USD did not rule out another test of the mid 1.1700s in the coming weeks.

24 times view: “Although our view weaken EUR yesterday was correct, we expect” a rupture of the major support at 1.1750 seems unlikely “was not. EUR fell to a low of 1.1735, but the decline was short-lived as it rebounded strongly to end the day more than + 0.28% (1.1847). The strong rebound and fast seems to be ahead of itself, but there is room for EUR extended its gains. That said, the chances of breaking the strong resistance 1.1885 are not high (the next resistance is at 1.1915). Support is at 1.1820, only a breach of 1.1795 indicates the actual pressure has eased “.

Next 1-3 weeks “Yesterday (September 17 up to 1.1795), we pointed out that EUR is under slight downward pressure and may drop below 1.1750 but any weakness can not be maintained. EUR then dropped to a low of 1.1735 before staging a surprisingly strong and robust rebound (high 1.1853 overnight). While the decline was launched bumpy, only a break of 1.1885 (no change in the level of “strong resistance”) indicates the pressure in the current slight decline eased. In other words, there is still a chance, but a decrease of EUR to another attempt to stage close below 1.1750. In the future, a breach of 1.1885 would indicate EUR may consolidate in a range for a period of time “.

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