There was no enhance in both downward or upward momentum; EUR is prone to commerce in a 1.1130/1.1230 vary vs US Greenback (USD). Within the longer run, EUR is prone to consolidate between 1.1100 and 1.1290 in the meanwhile, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
EUR is prone to consolidate within the close to time period
24-HOUR VIEW: “EUR rebounded strongly to a excessive of 1.1194 two days in the past. Yesterday, when EUR was at 1.1185, we indicated that it ‘might rebound additional, however any advance is probably going half of a better vary of 1.1125/1.1225.’ Whereas EUR rose greater than anticipated to 1.1265, it retreated to shut modestly decrease by 0.09% at 1.1174. There was no enhance in both upward or downward momentum. To place it one other manner, EUR is prone to commerce in a spread right now, most likely between 1.1130 and 1.1230.”
1-3 WEEKS VIEW: “We turned adverse on EUR late final week. After EUR fell to 1.1064, in our newest narrative from two days in the past (13 Could, spot at 1.1095), we highlighted that EUR ‘stays beneath strain, however it stays to be seen if the present corrective pullback can attain 1.0945.’ We added, ‘a break above 1.1225 (‘robust resistance’ stage) would imply that EUR has entered a consolidation part. Yesterday, EUR broke above 1.1225, reaching a excessive of 1.1265. As indicated, EUR has doubtless entered a consolidation part. In the intervening time, we count on it to commerce between 1.1100 and 1.1290.”
