According to the currency strategists at UOB Group, it is now likely that EUR / USD is moving in a range of 1.1770-1.1895 In the next weeks.
Featured Comments
24 hour view: “Our expectation of the EUR / USD ‘weakening to 1.1740’ yesterday was incorrect as it retested the 1.1770 level before rebounding strongly (the high has been 1.1838). 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 sideways between 1.1800 and 1.1870. “
Next 1-3 weeks: “Yesterday (July 14, EUR / USD at 1.1775), we highlighted that the EUR / USD ‘has entered a negative phase’ and we expected the EUR / USD ‘to trade under pressure unless it can overcome the level of’ strong resistance ‘at 1.1840 “. We do not anticipate the sharp and fast bounce that hit a high of 1.1838 during the New York session. Although 1.1840 remains intact, the rapid loss of momentum to the downside indicates that EUR / USD is not yet ready to turn down. From here, the EUR / USD is likely to trade between 1.1770 and 1.1895 for a period of time. “
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
