According to the forex strategists at UOB Group, the EUR / USD is now navigating the 1.1795-1.1895 range.
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24-hour perspective: “Our expectations that the EUR would trade sideways yesterday were incorrect, falling to 1.1836 before closing at 1.1839 (-0.24%). Despite the relatively steep decline, the downside momentum has not improved much. That said, there is room for the euro to weaken to 1.1820. The big support at 1.1795 is not expected to enter the picture. The resistance is at 1.1860 followed by 1.1875.”
Next 1-3 weeks: “We have had a positive view on the euro for two weeks. In our last narration on Monday (Sep 06, even at 1.1885), we indicated that ‘while short-term overbought conditions could lead to a couple of days of consolidation first, a clear breakout of the large resistance at 1.1910 would not be surprising. ‘And we add that’ the prospect of the current strength extending to 1.1970 is not high. ‘However, the 1.1910 level remains intact, as the EUR fell sharply to 1.1836 during the New York session. While our strong support level at 1.1830 remains intact, momentum to the upside has dissipated. The current move is seen as the early stages of a consolidation phase and is EUR likely to trade between 1.1795 and 1.1895 for now.”
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