FX Strategists at UOB Group believes the pair could navigate between 1.1680 and 1.1780 in the very near term.
24-hour view: “While the anticipated extension higher stayed below the strong 1.1810 resistance as expected, the swift and sharp drop from a high of 1.1789 was unexpected. The subsequent swing higher from a low of 1.1661 has resulted in a mixed outlook and further choppy trading within broad range seems likely. Expected range for today, 1.1680/1.1780”.
Next 1-3 weeks: “EUR dipped below the strong 1.1680 support and touched a low of 1.1661 yesterday before staging another strong rebound. As highlighted in the past couple of updates, EUR has to close below 1.1680 to indicate that it has moved into a bearish phase. While the probability for this scenario is not high at this stage, it would remain intact and continue to increase unless EUR can move and stay above 1.1790. A shift to bearish phase would have an immediate target of 1.1580”.
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