EUR/USD supported at 1.0535/40 – UOB

Strategists at UOB Group now see EUR/USD facing strong support around 1.0540 in the near term.

Key Quotes

“The initial rebound in EUR was checked by the strong 1.0755 resistance (high of 1.0745)”.

“However, the subsequent rapid sell-off that easily took out the major 1.0640 support was surprising. With no signs of stabilization just yet, further down-move seems likely even though any decline is unlikely to have enough momentum to extend beyond the December 2015 low of 1.0535/40 (at least not for today). Resistance is 1.0685”.

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