EUR/USD strong support lies at 1.0845/20 – UOB

In opinion of strategists at UOB Group, sellers in EUR/USD face a strong hurdle around 1.0845/20 in the near-term.

Key Quotes

“The overnight low of 1.0862 held above the solid support indicated at 1.0845/50 yesterday. The outlook from here seems to be similar to yesterday wherein any further decline is expected to encounter support at 1.0845/50 followed closely by 1.0820. Resistance is at 1.0920 but only a move back above 1.0950 would indicate that the immediate downward pressure has eased”.

“As highlighted yesterday, the immediate bias is tilted to the downside but 1.0820/1.0845 is a major support zone and is expected to offer solid support. Overall, this pair is expected to stay under pressure unless it can reclaim 1.1030 within the next few days”.