In the opinion of the forex strategists at UOB Group, the EUR / USD is forecast to trade between 1.1750 and 1.1860 for the time being.
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24-hour perspective: “Our expectation that the EUR would trade quietly within a 1.1750 / 1.1800 range yesterday was incorrect as it fell to 1.1768 before rapidly climbing to 1.1840 during New York hours. rapid ascent seems to have room to spread, but any advance is unlikely to challenge the higher resistance at 1.1860 (Minor resistance is at 1.1840). Support is at 1.1800 followed by 1.1780. “
Next 1-3 weeks: “Our update from yesterday (July 27, pair at 1.1800) still stands. As highlighted, the recent slight downward pressure has eased and the euro has moved into a consolidation phase. here, it is likely to trade within a 1.1750 / 1.1860 range over a period of time. Short-term bullish momentum has improved somewhat, but at this stage, the chance that eur will move clearly above the top of the expected range at 1.1860 is not high. “
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