The pair is expected to navigate within the 1.1380/1.1550 range in the near term, suggested by FX Strategists at UOB Group.
“The strong up-move in EUR that started during last Friday's NY hours appears incomplete. A full test of last week's high near 1.1489 seems likely even though at this stage, a sustained move above this level is not expected (the next resistance at 1.1520 could be out of reach for now). On the downside, support is at 1.1440 but only a move back below 1.1410 would indicate that a short-term top is in place”.
“Despite the strong daily closing, we continue to hold a neutral view for this pair. The price action still looks like the early stages of a rising wedge. However, EUR is more likely to trade at a higher 1.1380/1.1550 range instead of the 1.1320/1.1520 expected previously”.
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