Forex Strategists UOB Group, Quek Ser Leang and Peter Chia, noted that the EUR/USD could now navigate within the range of 1.0625-1.790.
24 hour outlook: “Euro’s sharp drop to 1.0677 and subsequent rebound from low surprised us (we thought EUR could test major resistance at 1.0800). euro quoted between 1.0685 and 1.0765 for today“.
Next 1-3 weeks: “Yesterday (May 31, pair at 1.0775) we highlighted that the possibility of the euro breaking the main resistance at 1.0800 had increased a bit. However, the dollar fell sharply to 1.0677 before rallying. The break of our ‘support strong’ at 1.0695 indicates that the phase of euro strength that started early last week has run its course. euro has entered a consolidation phase and could trade between 1.0625 and 1.0790. Looking ahead, the Euro needs to break and close above the main resistance at 1.0800 before a sustained advance is likely.”
Source: Fx Street
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