EUR/USD sticks to the consolidative range – UOB
|In opinion of FX Strategists at UOB Group, EUR/USD is expected to keep the 1.1750-1.1920 range unchanged in the next weeks.
Key Quotes
24-hour view: “We expected EUR to ‘consolidate within a 1.1800/1.1870 range’ yesterday. However, it edged to a high of 1.1887 before settling on a firm note at 1.1868 (+0.19%). Upward momentum has improved a tad and EUR could continue to edge upwards to 1.1900. For today, a break of the major resistance level at 1.1920 is unlikely. On the downside, a breach of 1.1830 would indicate the current mild upward pressure has eased (minor support is at 1.1845).”
Next 1-3 weeks: “There is not much to add to our latest narrative from last Friday (11 Sep, spot at 1.1825). As highlighted, EUR is likely in a consolidation phase and could trade between 1.1750 and 1.1920 for a while. Looking forward, when EUR moves out of this range, there is another solid support and resistance at 1.1680 and 1.2020 respectively. To look at it another way, the current mixed momentum coupled with the presence of solid support and resistance levels suggest EUR may not be able to embark on a sustained directional move anytime soon.”
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