EUR/USD: Bets on a 1.0340 breakdown are dwindling — UOB

The Forex Market (FX) strategists from UOB Group, Lee Sue Ann and Quek Ser Leang, said that the possibility of the EUR/USD pair falling below 1.0340 points appears to have lost steam.

May 17, 2022 - 03:11 PM 261 views

EUR/USD: Bets on a 1.0340 breakdown are dwindling — UOB

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© EUR/USD: Bets on a 1.0340 breakdown are dwindling — UOB

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The Forex Market (FX) strategists from UOB Group, Lee Sue Ann and Quek Ser Leang, said that the possibility of the EUR/USD pair falling below 1.0340 points appears to have lost steam.

Important Quotations

Before finally settling at 1.0431 (+0.19%), the EUR currency traded between the 1.0387 and 1.0442 range. Upward tensions seem to be piling up and the USD seems to have lifted more from here. However, any progress is unlikely to break the strong resistance at 1.0490. On the negative hand, a breach of 1.0390 levels indicates that the upward tensions have been relieved.

In the next 1-3 weeks: On last Friday, we highlighted that a lower break fell below at 1.0340 levels could fire up the further decline. Before rebounding, the EUR currency simultaneously dropped by 1.348 points. Negative momentum is easing, but only a break of the 1.0490 level would indicate that the EUR is unlikely to break at the 1.0340 level. Overall, the chances of breaking through 1.0340 have decreased unless it can move and stay below 1.0390 in the next 1 to 2 days.

 

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