Euro (EUR) is anticipated to proceed to vary commerce, doubtless between 1.1145 and 1.1235. Within the longer run, EUR is more likely 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 more likely to consolidate in the meanwhile
24-HOUR VIEW: “Two days in the past, EUR rose briefly to 1.1265 after which pulled again sharply. Yesterday, when EUR was at 1.1180, we identified that ‘There was no improve in both upward or downward momentum.’ We had been of the view that EUR ‘is more likely to commerce in a 1.1130/1.1230 vary.’ Our view of vary buying and selling was not flawed, although EUR traded in a quiet method inside a narrower vary of 1.1169/1.1228. Momentum indicators stay flat, and we proceed to count on vary buying and selling, doubtless between 1.1145 and 1.1235.”
1-3 WEEKS VIEW: “We revised our view from unfavorable to impartial yesterday, 15 Might (spot at 1.1180), indicating that EUR ‘has doubtless entered a consolidation section.’ We additionally indicated that ‘In the interim, we count on it to commerce between 1.1100 and 1.1290.’ There isn’t a change in our view.”
