EUR/USD: It is likely to continue consolidating below 1.0760 — UOB

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Market Strategist Quek Ser Leang and Senior FX Strategist Peter Chia suggest that a break of 1.0760 could encourage the EUR/USD to try to consolidate a little.

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24hr Opinion: “Last Friday we highlighted that despite relatively large gains, momentum has not improved much. We added that the risk to the EUR remains to the upside, although 1.0900 is expected to offer solid resistance. However, The Euro failed to challenge 1.0900 as it fell from 1.0867 to 1.0778 before closing at 1.0828 (-0.17%).Price developments seem to be part of a consolidation phase.Euro is likely to trade sideways today between 1.0780 and 1.0870″.

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Next 1-3: “Last Friday (Jan 13, 1.0850) we highlighted that improving bullish momentum suggests further Euro strength. We did not expect the pullback to the 1.0778 low. Price actions have led to easing of momentum and a break of 1.0760 (no change at the “strong support” level) would indicate that the EUR could consolidate first before making another attempt to push towards the 1.0900 resistance later.”

Source: Fx Street

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