Forex strategists of UOB Group point out that the EUR / USD has now moved into a consolidation phase, and will likely move between 1.1555 and 1.1670 in the coming weeks.
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24-hour perspective: “Our view of the EUR trading sideways yesterday was incorrect as it plunged to 1.1589 before closing soft at 1.1606 (-0.35%). Despite the decline, the downside momentum has not improved as much. That said, the euro could drop to 1.1580 before a rebound can be expected. For today, the main support at 1.1555 is not expected to enter the scene. The resistance is at 1.1630, followed by 1.1645.”
Next 1-3 weeks: “We expected a higher euro for more than a week. After climbing to a high of 1.1669, the euro struggled to extend its gains. Last Friday (October 22, pair at 1.1625), we highlighted that the upward momentum had eased and a breakout of the strong support at 1.1590 would indicate that 1.1680 was out of reach this time.The euro was down to 1.1589 yesterday (Oct 25) and despite the slight breach of the strong support, the upside momentum more or less eased. has dissipated. In other words, the strength of the euro has run its course. It is likely that it has moved into a consolidation phase and expected to trade between 1.1555 and 1.1670 for now.”
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