The euro (EUR) is under slight downward pressure against the US dollar (USD) and is likely to fall slightly; Any fall is probably limited to a test of 1,1280. The current price movements are probably part of a consolidation phase between 1,1225 and 1,1410, the FX analysts of UOB Group, to be Leang and Peter Chia.
Current price movements are probably part of a consolidation phase
24 -hour perspective: “The EUR was negotiated between 1,1286 and 1,1364 yesterday, closing slightly higher by 0.17% in 1,1314. There has been a slight increase in the downward impulse. Today, it is likely that the Eur go down slightly, but unless there is an increase in impulse, any fall is probably limited to a test of 1,1280. The main support in 1,1225 is unlikely to See threatened.
Perspective 1-3 weeks: “The Eur rose to a maximum of 1,1573 two weeks ago. The initial setback from this peak was pronounced, but the downward impulse has decreased in recent days. We see the current price movements as part of a consolidation phase and we hope that the EUR is negotiated between 1,1225 and 1,1410 for now.”
Source: Fx Street
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