EUR/USD has embarked on a consolidation range – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We highlighted yesterday that the robust rebound in EUR could extend but a sustained rise above 1.0625 is unlikely. We indicated, the next resistance is at 1.0670. EUR rose to a high of 1.0645 in NY trade and then dropped sharply to end the day lower by 0.29% . The underlying tone has weakened somewhat and EUR is likely to edge lower today. That said, any decline is unlikely to break the major support at 1.0530 . Resistance is at 1.0600, followed by 1.0625.
Next 1-3 weeks: “Yesterday , we stated that a breach of 1.0625 would suggest that the EUR weakness that started about 2 weeks ago has ended and it has moved into a consolidation phase. EUR rose to 1.0645 before dropping to close at 1.0576 . Downward momentum has faded and EUR is likely to consolidate between 1.0530 and 1.0670 before heading lower at a later stage.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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