Source: PaxForex Premium Analytics Portal, Technical Insight
UOB Group currency strategists write that EUR/USD could deepen the drawdown in the coming weeks.
EUR/USD,D1
Pivot: 1.0784
Analysis:
While the price is below 1.1110, follow the recommendations below:
- Time frame: D1
- Recommendation: short position
- Entry point: 1.0784
- Take Profit 1: 1.0700
- Take Profit 2: 1.0600
Alternative scenario:
If the level 1.1110 is broken-out, follow the recommendations below:
- Time frame: D1
- Recommendation: long position
- Entry point: 1.1110
- Take Profit 1: 1.1285
- Take Profit 2: 1.1500
Comment:
RSI shows the development of a downtrend in the medium term..
Key levels:
| Resistance | Support |
| 1.1500 | 1.0700 |
| 1.1285 | 1.0600 |
| 1.1110 | 1.0500 |
