Euro (EUR) is anticipated to commerce with an upward bias; any advance is probably going restricted to a check of 1.1225. Within the longer run, EUR is prone to consolidate between 1.1100 and 1.1290 in the intervening time, UOB Group’s FX analysts Quek Ser Leang and Peter Chia notice.
EUR can be anticipated to commerce with an upward bias
24-HOUR VIEW: “When EUR was at 1.1190 within the early Asian commerce final Friday, we anticipated it to ‘proceed to vary commerce, doubtless between 1.1145 and 1.1235.’ Nonetheless, EUR traded in a decrease vary than anticipated, dropping from 1.1219 to 1.1129 after which rebounded to shut at 1.1163 (-0.21%). The rebound has gained some momentum, albeit not a lot. Right now, we anticipate EUR to commerce with an upward bias. As momentum just isn’t sturdy at present, any advance is probably going restricted to a check of 1.1225. Assist is at 1.1160; a breach of 1.1135 would imply that the present gentle upward strain has light.”
1-3 WEEKS VIEW: “Final Thursday (15 Might, spot at 1.1180), we indicated that EUR ‘has doubtless entered a consolidation part.’ We additionally indicated that ‘In the meanwhile, we anticipate it to commerce between 1.1100 and 1.1290.’ There is no such thing as a change in our view.”
