In the opinion of UOB Group forex strategists, the EUR/USD it now appears to have entered a consolidation phase, probably between 1.1750 and 1.1860.
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24-hour perspective: “Our expectation that the EUR would trade within a 1.1750 / 1.1800 ‘range yesterday was incorrect as it rose to 1.1817 before settling on a firm note at 1.1799 (+ 0.24%). While the upside momentum has not improved much, there is scope for the euro to test last week’s top at 1.1830. Barring a sudden surge in momentum, the next resistance at 1.1860 is not expected to be threatened. The support is at 1.1775 followed by the now very solid level at 1.1750. “
Next 1-3 weeks: “We have held the same opinion since last Wednesday (July 21, pair at 1.1780) where the euro was under slight downward pressure and could target even lower, but it was too early to expect a move towards main support at 1.1700 After falling but not breaking short-term support at 1.1750, the euro rallied and closed on a relatively firm note yesterday (1.1799, + 0.24%), while our “strong resistance” level at 1.1830 remains intact. (yesterday’s high of 1.1817), the slight downward pressure has dissipated. From here, It appears that the EUR has moved into a consolidation phase and is likely to trade within a 1.1750 / 1.1860 range for a period of time.”
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