EUR/USD: Consolidation likely ahead – UOB

FXStreet Insights Team FXStreet

According to UOB's report, authored by Quek Ser Leang and Lee Sue Ann, the Euro is expected to continue consolidating, likely between the 1.1775 and 1.1830 levels. The report notes that the previous expectations for consolidation were met, although within a narrower range than anticipated. The downside risk for the Euro remains, with potential support identified at 1.1725.

Further consolidation expected

"Yesterday, we expected EUR to “consolidate between 1.1790 and 1.1855.” Our view of consolidation was not wrong, even though EUR traded within a narrower range than expected."

"Price action continues to suggest downside risk for EUR, and it could drop toward the next support at 1.1725."

"Overall, only a breach of 1.1875 (‘strong resistance’ level was at 1.1890 yesterday) would indicate that the downside risk from early this week has faded."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

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FXStreet Insights Team

FXStreet

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