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EUR/USD continues to consolidate within the range of 1.0390 to 1.0650 – UOB

UOB Group currency strategists Lee Sue Ann and Quek Ser Leang expect the EUR/USD remains within the range of 1.0390-1.0650 In the next weeks.

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24 hour view: “Yesterday we highlighted that ‘EUR/USD bias is to the downside, but any weakness is unlikely to challenge 1.0470’. We weren’t expecting the volatility spike when EUR/USD dipped briefly to 1.0467 and rose again to 1.0605 before pulling back Upside momentum is starting to consolidate and there is room for EUR/USD to retest 1.0605 level For today, major resistance at 1.0650 is not expected to be challenged To the downside a Break of 1.0515 (minor support is at 1.0540) would indicate that the bullish momentum has faded.”

Next 1-3 weeks: “Not much to add to our update from yesterday (June 22, EUR/USD at 1.0530). As we have highlighted, EUR/USD continues to consolidate and is likely to trade in a range of 1.0390/1.0650 for now. “

Source: Fx Street

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