The EUR/USD remains sideways within the range of 1.0950-1.1110 at the moment, as noted by FX strategists at UOB Group.
24 hour outlook: “Our expectations of the EUR ‘breaking’ its high were wrong as it dipped to 1.0962 before bouncing back. Bearish momentum has improved a bit and today’s bias is to the downside. That said, unlikely a sustained drop below major support at 1.0950. Resistance is at 1.0020 followed by 1.0045.”
Next 1-3 weeks: “On Monday (March 21, pair at 1.1040), we highlighted that the EUR seemed to have moved into a consolidation phase and was likely to trade between 1.0950 and 1.1150. The Euro has traded relatively quietly in recent days and we continue to wait for it to consolidate. That being said, we have narrowed the expected range to 1.0950/1.1110.”
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
