Forex Strategists UOB Group, Lee Sue Ann and Quek Ser Leang, noted that the EUR/USD is now seen cruising in the range of 1.0625-1.0785.
24 hour outlook: “We expected the EUR to consolidate and trade between 1.0690 and 1.0760 yesterday. Subsequently, the Euro traded between 1.0682 and 1.0751. The underlying tone has softened a bit and the euro is likely to move lower. However, a sustained drop below 1.0650 is unlikely (next support is at 1.0625). Resistance is found at 1.0715, followed by 1.0745″.
Next 1-3 weeks: “Our last story was last Friday (June 03, pair at 1.0745), in which the Euro had to break above 1.0800 before further advance was likely. Yesterday, the Euro fell to as low as 1.0682.While our strong support at 1.0675 has not been breached, the momentum build-up has faded.In other words, the Euro does not seem ready to break above 1.0800 just yet.From here, the single currency could trade between 1.0625 and 1.0785“.
Source: Fx Street
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