EUR/USD sticks to its consolidation theme – UOB
|FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang expect EUR/USD to keep the side-lined trading within the 1.0390-1.0650 range in the next weeks.
Key Quotes
24-hour view: “We highlighted yesterday that ‘bias for EUR is tilted to the downside but any weakness is unlikely to challenge 1.0470’. We did not expect the spike in volatility as EUR dropped briefly to 1.0467, snapped back up to 1.0605 before easing off. Upward momentum is beginning to build and there room for EUR to retest the 1.0605 level. For today, the major resistance at 1.0650 is not expected to come under threat. On the downside, a breach of 1.0515 (minor support is at 1.0540) would indicate that the build-up in upward momentum has fizzled out.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (22 Jun, spot at 1.0530). As highlighted, EUR is still consolidating and is likely to trade within a range of 1.0390/1.0650 for now.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.