EUR/USD faces consolidation between 1.08/1.10 – UOB
|In opinion of FX Strategists at UOB Group, EUR/USD is expected to navigate within the 1.08/1.10 range in the next weeks.
Key Quotes
24-hour view: “EUR dipped to 1.0869 yesterday before rebounding quickly. Downward pressure has eased and the current movement is viewed as part of a consolidation phase. In other words, EUR is expected to trade sideways for today, likely between 1.0875 and 1.0930.”
Next 1-3 weeks: “The build-up in momentum that we highlighted last Tuesday (19 May, spot at 1.0920) dissipated quickly as EUR dropped below the ‘strong support’ level of 1.0890 on Friday. The recent “choppy” price actions have resulted in a mixed outlook. From here, EUR could continue to trade in an undecided manner between the two major levels of 1.0800 and 1.1000 for a period.”
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