Quek Ser Leang, Market Strategist at UOB Group, and Peter Chia, a senior currency strategist, suggest that the EUR/USD could trade between 1.0800 and 1.0930 in the coming weeks.
24 Hour Outlook: “We expected the EUR to consolidate between 1.0855 and 1.0925 last Friday. However, the Euro fell as low as 1.0835 before bouncing to close at 1.0867 (-0.20%). Despite the decline, the bearish momentum was barely has improved and it is unlikely that the euro will weaken further.Today, it is more Euro likely to trade sideways with 1.0840/1.0900 range expected“.
Next 1 to 3 weeks: “Our latest analysis dates back to last Thursday (Jan 26, pair at 1.0920), when we noted that although bullish momentum had not improved much, the Euro looked set to rally towards 1.1000. On Friday, the Euro dipped below from our strong support level of 1.0840. The break of strong support indicates that the slight bullish pressure has eased. The Euro seems to have entered a consolidation phase and is likely to trade between 1.0800 and 1.0930 for now.”
Source: Fx Street
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