EUR/USD now expected to trade within 1.0430-1.0630 – UOB

Pablo Piovano FXStreet

Further consolidation remains on the cards for EUR/USD in the next weeks, this time between 1.0430 and 1.0630, according to FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “Our expectations for EUR to ‘retest the 1.0605 level’ yesterday was incorrect as it dropped sharply to 1.0481 before rebounding. We view the movement as part of a consolidation phase and we expect EUR to trade between 1.0470 and 1.0560 for today.”

Next 1-3 weeks: “We have expected EUR to consolidate since late last week. EUR traded in a relatively choppy manner the last few days but has stayed within a range. There is still clear direction for now and we continue to expect EUR to consolidate albeit within a narrower range of 1.0430/1.0630 (vs 1.0390/1.0650 previously). Overall, EUR has to break out of the expected range before a sustained directional move is likely.”

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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