EUR/USD scope for a test of 1.0525 – UOB

FX Strategists at UOB Group noted the neutral stance on EUR/USD and said that a test of 1.0525 still remains on the cards.

Key Quotes

“We indicated last Friday that a clean break of the key trendline support at 1.0600 is expected to lead to a rapid drop to 1.0525/30”.

“The low has been 1.0578 on Friday and we continue to anticipate further weakness towards 1.0525”.

“The next key level is at 1.0492, the low seen in February which is acting as a very solid support. Overall, only a move back above 1.0665 would indicate that the immediate downward pressure has eased. On a shorter-term note, 1.0630 is already a rather strong resistance”.