Further EUR/USD consolidation is anticipated in the coming weeks, this time between 1.0430 and 1.0630according to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang.
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24 hour view: “Our expectations that EUR/USD would ‘retest 1.0605’ yesterday were wrong as it fell sharply to 1.0481 before bouncing back. We see the move as part of a consolidation phase and expect EUR/USD to trade between 1.0470 and 1.0560 today.”
Next 1-3 weeks: “We expect EUR/USD to consolidate since the end of last week. EUR/USD has traded relatively choppy in recent days, but has remained range bound. For now, there is a clear direction and we continue to wait.” for EUR/USD to consolidate, albeit within a tighter range of 1.0430/1.0630 (vs 1.0390/1.0650 previously) Overall EUR/USD has yet to break out of expected range before sustained directional move is likely .”
Source: Fx Street
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