Currency strategists at UOB Group now expect EUR/USD moves within the range of 1.0950-1.1150 In the next weeks.
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24 hour view: “We highlighted last Friday that EUR/USD is ‘unlikely to strengthen much further’ and we expected it to ‘move between 1.1055 and 1.1140’. However, EUR/USD fell sharply to 1.1001 before quickly rallying. The stock price appears to be part of a consolidation phase. In other words, EUR/USD is likely to move sideways today. Expected to be in a range of 1.1005/1.1080.”
Next 1-3 weeks: “The sharp drop in EUR/USD last Friday broke our ‘strong support’ level at 1.1025 (low 1.1001). The break of ‘strong support’ has invalidated our view of EUR/USD advancing to 1.1180. EUR /USD appears to have moved into a consolidation phase and is likely to trade between 1.0950 and 1.1150.”
Source: Fx Street
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