In the opinion of the currency strategists of UOB Group, Lee Sue Ann and Quek Ser Leang, the EUR/USD it is still seen within the range of 1.0460-1.0630 in the coming weeks.
24 hour outlook: “Yesterday we highlighted that the bullish momentum had not improved much and the EUR was unlikely to advance further, expecting it to trade between 1.0540 and 1.0615. The euro subsequently rose as high as 1.0606 before staging a surprise drop to 1.0502. The bearish momentum has improved and the risk for today is to the downside. any weakness is likely to face strong support at 1.0485 (there is another strong support at 1.0460). Downside risk is intact as long as the euro does not move above 1.0575 (minor resistance is at 1.0550).”
Next 1-3 weeks: “We have been expecting the euro to consolidate for more than a week. After it reached a high of 1.0614, we highlighted yesterday (June 28, pair at 1.0580) that the risk of breaking the main resistance at 1.0630 had increased a bit. The euro subsequently rose to 1.0606 before falling sharply.The short-term bullish momentum has faded.In other words, the euro continues to consolidate within a range of 1.0460/1.0630“.
Source: Fx Street
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