EUR/USD: More likely to result in the next buying and selling vary of 1.1685/1.176 – UOB Group

Slight enhance in upward momentum is prone to result in the next buying and selling vary of 1.1685/1.1765. Within the longer rum, additional EUR energy nonetheless appears seemingly; the following stage to observe is 1.1780, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.

Additional EUR energy nonetheless appears seemingly

24-HOUR VIEW: “After EUR rose to 1.1744 final Thursday and pulled again, we highlighted on Friday that ‘the pullback in overbought situations signifies that EUR is unlikely to rise additional.’ We anticipated EUR to ‘consolidate in a spread of 1.1660/1.1730.’ The following value actions didn’t prove as we anticipated, as EUR rose briefly to 1.1754 earlier than easing off to shut at 1.1719 (+0.17%). There was a slight enhance in upward momentum, and that is prone to result in USD buying and selling in the next vary of 1.1685/1.1765. We don’t count on EUR to interrupt clearly above 1.1765 in the present day.”

1-3 WEEKS VIEW: “The next excerpts from our replace final Friday (27 Jun, spot at 1.1700) nonetheless stand: ‘Additional EUR energy nonetheless seems seemingly, however overbought short-term situations might gradual the tempo of any additional advance. The following stage to observe is 1.1780. General, solely a breach of 1.1620 (‘robust help’ stage) would counsel that EUR shouldn’t be strengthening additional’.”