Euro (EUR) is underneath gentle downward strain in opposition to the US Greenback (USD) and is prone to edge decrease; any decline is probably going restricted to a take a look at of 1.1280. Present value actions are probably a part of a consolidation section between 1.1225 and 1.1410, UOB Group’s FX analysts Quek Ser Leang and Peter Chia word.
Present value actions are probably a part of a consolidation section
24-HOUR VIEW: “EUR traded between 1.1286 and 1.1364 yesterday, closing barely increased by 0.17% at 1.1314. There was a slight enhance in downward momentum. At this time, EUR is prone to edge decrease, however barring a surge in momentum, any decline is probably going restricted to a take a look at of 1.1280. The key help at 1.1225 is unlikely to return underneath risk. Resistance is at 1.1330; a breach of 1.1355 would counsel the present gentle downward strain has eased.”
1-3 WEEKS VIEW: “EUR rose to a excessive of 1.1573 two weeks in the past. The preliminary retreat from this peak was sharp, however the downward momentum has since eased over the previous few days. We view the present value actions as a part of a consolidation section and anticipate EUR to commerce between 1.1225 and 1.1410 for now.”
