EUR/USD leaves behind the negative phase – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, EUR/USD has now moved into a consolidative range, likely between 1.1790 and 1.1895.

Key Quotes

24-hour view: “Our view for ‘further EUR weakness’ yesterday was incorrect as it rebounded strongly to a high of 1.1867. The rapid rebound appears to be running ahead of itself and EUR is unlikely to strengthen much further. For today, EUR is more likely to trade within a 1.1820/1.1875 range.”

Next 1-3 weeks: “We have held a negative view in EUR since late last week. Yesterday (08 Jul. spot at 1.1795), we indicated that EUR is still weak and the next level to focus on is at 1.1740. The subsequent sharp rebound in EUR that took out our ‘strong resistance’ level at 1.1860 (high of 1.1867) came as a surprise. The break of the ‘strong resistance’ indicates that the week-long negative phase in EUR has come to an end. The current movement is viewed as the early stages of a consolidation phase and EUR is likely to trade between 1.1790 and 1.1895 for now.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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