#EURUSD @ 1.08560 : Outlook remains negative near term – UOB

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According to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, EUR/USD risks a potential drop to the 1.0800 region in the short term.

24-hour view: “Yesterday, we expected EUR to consolidate in a range of 1.0845/1.0900. EUR traded between 1.0853 and 1.0904 before closing slightly lower at 1.0861 (-0.010%). The underlying tone has softened somewhat and EUR is likely to edge lower today, but any decline is likely part of a lower range of 1.0835/1.0890. In other words, a clear break below 1.0835 is unlikely.”

Next 1-3 weeks: “Our update from Monday (15 May, spot at 1.0850) is still valid. As highlighted, the outlook for EUR remains negative and the level to watch is 1.0800. On the upside, a breach of 1.0935 (no change in ‘strong resistance’ level) would indicate that the EUR weakness that started in the middle of last week has come to an end.”

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