EUR/USD sticks to the consolidative mood – UOB
|In opinion of FX Strategists at UOB Group, EUR/USD is now expected to move within the 1.2080-1.2250 range in the next weeks.
Key Quotes
24-hour view: “Last Friday, we held the view that ‘the rebound in EUR has scope to extend to 1.2195’. Our expectations did not materialize as EUR traded in a relatively quiet manner between 1.2150 and 1.2189 before closing little changed at 1.2167 (+0.04%). The underlying tone still appears to be positive and EUR could test the 1.2195 resistance. The next resistance at 1.2225 is not expected to come into the picture. Support is at 1.2145 followed 1.2125.”
Next 1-3 weeks: “There is not much to add to our update from last Friday (22 Jan, spot at 1.2165). As highlighted, the current movement is viewed as the early stages of a consolidation phase and EUR is expected to trade between 1.2080 and 1.2250 for a period of time.”
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.