In the opinion of Economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang, EUR/USD could enter a consolidation phase in the short term.
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24 hour view: “EUR/USD rallied to a 7-week high at 1.0929 yesterday before pulling back sharply to close 0.23% lower (at 1.0830). The sharp pullback amid overbought conditions and falling momentum suggests EUR/USD It has probably entered a consolidation phase. Today, EUR/USD is likely to trade sideways in a 1.0800/1.0900 range.”
Next 1-3 weeks: “Our most recent analysis was on Wednesday (March 22, EUR/USD at 1.0770), in which we highlighted that “bullish momentum is starting to pick up, but EUR/USD has to break and hold above 1.0800 before Sustained rally likely.” EUR/USD easily topped 1.0800 and rose to 1.0929 yesterday before closing lower for the first time in five days (1.0830, -0.23%). Short-term conditions are strongly overbought , which could lead to a few early days of consolidation.As long as it doesn’t break below 1.0740, there is a chance that EUR/USD will continue to advance, although the next resistance at 1.0980 could be out of reach this time.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
