EUR/USD faces some near-term consolidation – UOB


FX Strategists at UOB Group expect EUR/USD to attempt some consolidation ahead of a potential move to the 1.1240 region.

Key Quotes

24-hour view: “EUR dipped below the bottom of our expected sideway-trading range of 1.1100/1.1190 (low of 1.1093) before soaring to an overnight high of 1.1212. Despite the strong advance, momentum is ‘overstretched’ and further strong gain is unlikely. That said, EUR could move above the overnight high but the late December peak of 1.1239 is likely out of reach. Support is at 1.1130 followed by 1.1100.”

Next 1-3 weeks: “We indicated yesterday (02 Mar, spot at 1.1040) that that ‘the rapid improvement in momentum suggests a move above 1.1096 would not be surprising and if EUR can register a NY closing above this level, it could continue to advance towards 1.1170’. The scenario was supposed to take a few days to evolve but EUR blast past 1.1096 and cracked 1.1170 with a few hours (overnight high of 1.1185). Now that 1.1170 is breached, the focus has shifted to the late December high of 1.1239. The prospect for a move to this level is not low but EUR is likely to take a breather and consolidate for a couple of days first before making a move towards 1.1239. On the downside, the ‘strong support’ level has moved higher to 1.1000 from yesterday’s level of 1.0940.”

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news

Latest Forex News


Latest Forex News

Editors’ Picks

EUR/USD pierces 1.1655 resistance as firmer sentiment weighs on USD

EUR/USD is holding higher ground above 1.1650 ahead of the German IFO survey. Weaker US Treasury yields, risk reset weigh on US dollar. ECB, US GDP in focus but China headlines, Fed tapering concerns will lead the sentiment.

EUR/USD News

GBP/USD jumps towards 1.3800 amid Brexit hopes, weaker dollar

GBP/USD is advancing towards 1.3800, snapping a two-day downtrend as the US dollar loses ground amid an improving risk tone. UK's Frost hints at compromise on Northern Ireland’s post-Brexit trade rules. BOE-speak, China news in focus. 

GBP/USD News

Gold hovers around $1,800 amid softer USD

Gold trades with gains on Monday, extending the previous week’s upside momentum. The yellow metal posts the gains for the fifth straight session. The US benchmark 10-year Treasury yields trade below 1.65%, with 0.78% losses, enhancing non-yielding bullion’s appeal.

Gold News

SafeMoon price presents a buy opportunity before 35% gains

SafeMoon price coils up under a crucial resistance level at $0.00000239. A sudden burst in buying pressure that shatters this barrier can kick-start a 35% ascent. In some cases, SAFEMOON could pull back to $0.00000198 or $0.00000175 support floors.

Read more

Wall Street Week Ahead: Huge week of earnings ahead AAPL, MSFT, GOOGL, AMZN, FB

Equity markets remain elevated with more all-time highs on Thursday for the broader S&P 500 while the Dow registered new highs on Wednesday and Thursday. So far late into Friday's session, the markets are seeing some profit-taking to end a solid week.

Read more

Forex MAJORS

Cryptocurrencies

Signatures