EUR/USD: Diminishing bets for a break below 0.9920 – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We expected EUR to ‘trade in a choppy manner between 1.0000 and 1.0100’ yesterday. However, EUR plummeted to a low of 0.9950 before rebounding quickly. Despite the relatively sharp drop, downward momentum has not improved by much. That said, there is scope for EUR to retest the 0.9950 level before the risk of a stronger rebound would increase. The next support at 0.9920 is unlikely to come under threat. Resistance is at 1.0050 followed by 1.0075.
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