The price action suggests a greater strength of the euro (EUR), with 1,1400 now in the spotlight, the FX analysts of Uob Group, quek being Leang and Peter Chia.
The price action suggests a greater strength of the EUR
24 -hour vision: “The EUR rose to 1,1362 on Wednesday and then retreated. Yesterday, Thursday, we point out that ‘the setback in overcompra conditions suggests that the EUR is unlikely to strengthen much more.’ We consider that the EUR ‘is more likely to consolidate between 1,1290 and 1,1365.’ However, instead of consolidating, the EUR fell to 1,1253 in the NY session.
Vision at 1-3 weeks: “Yesterday (May 22, Spot in 1,1325), we highlight that ‘the price action suggests a greater strength of the EUR, with 1,1400 now in the spotlight.’ We add, ‘to keep the momentum, the EUR must be maintained above 1,1235 (level of’ strong support ‘).’ While the subsequent setback in the NY session was a little deeper than expected, we continue to maintain the same opinion for now. “
Source: Fx Street
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