The euro (EUR) is expected to be negotiated in a range between 1,1730 and 1,1805. In the long term, the bullish impulse is decreasing rapidly, but there is a small possibility that the EUR rises to 1,1830 before a more sustained and remarkable setback is probable, the FX analysts of UOB Group, quek being Leang and Peter Chia.
The bullish impulse is decreasing rapidly
24 hours View: “After our expectation that the EUR ‘again prove the level of 1,1830’ two days ago it did not materialize, we highlight yesterday that ‘there is still an opportunity for the EUR to try again 1,1830.’ We also point out that ‘the support is in 1,1775; However, EUR did not try 1,1830 again.
1-3 weeks View: “We have seen the EUR in a positive way since last week. Following the progress, in our most recent narrative of two days ago (July 2, Spot in 1,1800), we indicate that ‘overcompra conditions suggest a slower rhythm of progress.’ We add, ‘It remains to be seen if 1,1900 is available.’ We also point out that ‘if the EUR breaks below 1,1715 (level of’ strong support ‘), it would mean that the advance has stagnated.’ Yesterday, EUR fell to a minimum of 1,1717 and then quickly bounced.
Source: Fx Street
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