In the opinion of the currency strategists of the UOB Group, the EUR / USD has now moved into a consolidation range probably between 1.1790 and 1.1895.
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24 hour view: “Our take on the ‘additional EUR weakness’ yesterday was incorrect as it rallied strongly to a high of 1.1867. The rapid rebound seems to be ahead of itself and the EUR / USD is unlikely to strengthen much further. At the moment , the pair is more likely to trade within a 1.1820 / 1.1875 range. “
Next 1-3 weeks: “We have had a negative sentiment on EUR / USD since the end of last week. Yesterday (July 8, EUR / USD at 1.1795), we indicated that ‘EUR / USD remains weak and the next level to focus on is at 1.1740. The pair’s subsequent strong rally past our “strong resistance” level at 1.1860 (1.1867 high) came as a surprise. The breakout of the “strong resistance” indicates a week-long negative phase in the EUR / USD has come to an end. The current move is seen as the early stages of a consolidation phase and EUR / USD is likely to trade between 1.1790 and 1.1895 for now. “
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