There was a slight enhance in downward momentum; Euro (EUR) might edge decrease and doubtlessly check the 1.1440 stage. EUR is more likely to commerce in a variety for now, most likely between 1.1400 and 1.1570, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
EUR is more likely to commerce in a variety for now
24-HOUR VIEW: “EUR traded in a quiet method yesterday till the NY session, when it fluctuated between 1.1460 and 1.1530 earlier than closing unchanged at 1.1479. The value motion has resulted in a slight enhance in downward momentum. Right this moment, we count on EUR to edge decrease, and doubtlessly check the 1.1440 assist stage. The key assist at 1.1400 isn’t anticipated to come into sight. Resistance is at 1.1500, adopted by 1.1525.”
1-3 WEEKS VIEW: “We turned constructive on EUR final week. In our newest narrative from Monday (16 Jun, spot at 1.1540), we highlighted that ‘upward momentum has slowed considerably, and a breach of 1.1480 would counsel that EUR could commerce in a variety as a substitute of rising additional.’ EUR then broke beneath 1.1480 on Tuesday. As acknowledged, EUR is more likely to commerce in a variety for now, most likely between 1.1400 and 1.1570.”
