EUR/USD remains in consolidative mode – UOB

Pablo Piovano FXStreet

In the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, EUR/USD is still seen within the 1.0460-1.0630 range in the next weeks.

Key Quotes

24-hour view: “We highlighted yesterday that ‘upward momentum has not improved by much and EUR is unlikely to advance further’ and we expected EUR to ‘trade between 1.0540 and 1.0615’. EUR subsequently rose to 1.0606 before staging a surprisingly sharp drop to 1.0502. Downward momentum has improved and the risk for today is on the downside. However, any weakness is likely to face solid support at 1.0485 (there is another strong support at 1.0460). The downside risk is intact as long as EUR does not move above 1.0575 (minor resistance is at 1.0550).”

Next 1-3 weeks: “We have expected EUR to consolidate for more than a week now. After EUR popped to a high of 1.0614, we highlighted yesterday (28 Jun, spot at 1.0580) that the risk of a break of the major resistance at 1.0630 has “increased somewhat”. EUR subsequently rose to 1.0606 before falling sharply. The build-up in shorter-term upward momentum has fizzled out. In other words, EUR is still consolidating within a range of 1.0460/1.0630.”

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.

EUR/USD keeps the rangebound trade near 1.1850

EUR/USD is still under pressure, drifting back towards the 1.1850 area as Monday’s session draws to a close. The modest decline in spot comes as the US Dollar picks up a bit of support, while thin liquidity and muted volatility, thanks to the US market holiday, are exaggerating price swings and keeping trading conditions choppy.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

AI Crypto Update: Bittensor eyes breakout as AI tokens falter

The artificial intelligence (AI) cryptocurrency segment is witnessing heightened volatility, with top tokens such as Near Protocol (NEAR) struggling to gain traction amid the persistent decline in January and February.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.