EUR/USD: Scope to trade upwards but is unlikely to reach 1.165 – UOB Group

Source Fxstreet

Sharp rebound in Euro (EUR) has scope to extend but is unlikely to reach 1.1655. In the longer run, the likelihood of EUR reaching the 1.1490 during this phase of weakness is decreasing, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Likelihood of EUR reaching the 1.1490 is decreasing

24-HOUR VIEW: "Following the decline in EUR that reached a low of 1.1541 last Thursday, we highlighted the following on Friday: 'Conditions remain oversold, but with no signs of stabilisation just yet, EUR could drop below 1.1540. The next support at 1.1490 is unlikely to come into view today.' Our assessments were incorrect, as EUR dipped to 1.1555, and then staged a surprising sharp rebound in the NY session, reaching a high of 1.1630. While there is scope for the rebound to extend, there does not appear to be sufficient momentum to reach 1.1655. Support levels are at 1.1585 and 1.1560."

1-3 WEEKS VIEW: "We have held a negative EUR view since early last week (as annotated in the chart below). Last Friday (10 Oct, spot at 1.1565), we stated that 'the outlook for EUR remains negative, and it could decline further toward 1.1490.' We did not expect the subsequent strong rebound, as EUR rose to 1.1630 and then closed on a firm footing at 1.1618, up by 0.48%. Downward momentum is slowing, and the likelihood of EUR reaching 1.1490 during this phase of weakness is decreasing. However, only a breach of 1.1655 (no change in ‘strong resistance’ level from last Friday) would indicate that the weakness has stabilised."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Price Annual Forecast: 2025 outlook brightens on expectations of US pro-crypto policyBitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December.
Author  FXStreet
Dec 19, 2024
Bitcoin (BTC) price has surged more than 140% in 2024, reaching the $100K milestone in early December.
placeholder
Gold Price Forecast: XAU/USD gains momentum to near $3,650, eyes on US CPI releaseThe Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
Author  FXStreet
Sep 11, Thu
The Gold price (XAU/USD) gains momentum to near $3,645 during the early Asian session on Thursday.
placeholder
What to expect from Ethereum in October 2025With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
Author  Beincrypto
Sep 30, Tue
With broader sentiment worsening, user demand falling across the Ethereum network, and institutional investors pulling back, the coin faces mounting headwinds in October.
placeholder
S&P 500 loses $1.5 trillion after Trump threatened new China tariffsThe Dow tanked nearly 900 points on Friday as markets completely flipped after President Donald Trump threatened fresh tariffs on Chinese goods.
Author  Cryptopolitan
Oct 11, Sat
The Dow tanked nearly 900 points on Friday as markets completely flipped after President Donald Trump threatened fresh tariffs on Chinese goods.
placeholder
Bitcoin, crypto market experience largest decline in 2025 as Trump threatens fresh tariffs on ChinaBitcoin (BTC) briefly declined nearly 10% on Friday as the crypto market took a sharp downturn following US President Donald Trump's plan to raise tariffs on Chinese goods.
Author  FXStreet
Oct 11, Sat
Bitcoin (BTC) briefly declined nearly 10% on Friday as the crypto market took a sharp downturn following US President Donald Trump's plan to raise tariffs on Chinese goods.
Related Instrument
goTop
quote