The Euro (EUR) is likely to remain range-bound for now, probably between 1.0680 and 1.0785. It could rise, but any advance is unlikely to reach the major resistance level at 1.0785, analysts say. UOB Group.
Limited in a range for the moment
24 HOURS PERSPECTIVE:”Two days ago, EUR rose to 1.0776 before pulling back. Yesterday, we stated that ‘the pullback into overbought conditions suggests EUR is unlikely to rise further,’ and we expected EUR to trade in a sideways range of 1.0710/1.0760. EUR subsequently traded sideways between 1.0709 and 1.0747, closing virtually unchanged at 1.0744 (+0.06%). Despite the relatively quiet price action, the underlying tone has strengthened somewhat. Today, we expect the EUR to rise, but any advance is unlikely to reach the major resistance at 1.0785 (There is another resistance level at 1.0765). On the downside, if the pair breaks below 1.0715 (minor support is at 1.0730), it would suggest that the current mild bullish pressure has subsided.”
1-3 WEEKS VISION: “We continue to maintain the same outlook as two days ago (July 1, pair at 1.0735). As highlighted, EUR is likely to remain range bound for now, probably between 1.0680 and 1.0785.”
Source: Fx Street
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