According to the currency strategists at UOB Group, EUR / USD has entered a consolidation phase.
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24 hour opinion: “Last Friday we highlighted that ‘indicators are turning neutral and EUR / USD is likely to consolidate and move sideways.’ The sudden pick-up in bullish momentum was a surprise as EUR / USD soared to 1.1330 The rapid rise appears to have been overstated and EUR / USD is unlikely to strengthen further. For today, EUR / USD is expected to move sideways between 1.1260 and 1.1325. “
Next 1-3 weeks: “We have expected the EUR / USD to weaken. In our last narration last Thursday (November 25, EUR / USD at 1.1200), we highlighted that the EUR / USD could” weaken to 1.1160 “. Furthermore, we add,” it is expected for EUR / USD to remain weak as long as it does not move above 1.1270. “We did not expect the way EUR / USD rose + 0.99% (close in New York at 1.1317). The break of 1.1270 indicates that weakness EUR / USD has come to an end. The current move is seen as part of a consolidation phase and EUR / USD is likely to move between 1.1220 and 1.1360 for now. “
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