Current price movements seem to be part of a negotiation phase in the range of 1,1365/1,1435. In the long term, the euro (EUR) seems to have entered a negotiation phase in the range between 1,1330 and 1,1495, the FX analysts of UOB Group, to be Leang and Peter Chia.
EUR seems to have entered a negotiation phase in rank
24 -hour vision: “Last Thursday, the EUR rose to 1,1494 before going back. On Friday, we indicated that ‘although the bullish impulse is decreasing, the EUR could potentially try again 1,1495 or even break above this level.’ We add, ‘given the lack of a strong impulse, any advance above 1,1495 is unlikely that it reaches the following important resistance in 1,1530.’ Our evaluations were incorrect, since the EUR fell to a minimum of 1,1369 in the NY session.
Vision 1-3 weeks: “Last Tuesday (June 3, for 1,1445), we reviewed our perspective on the Eur a positive, indicating that ‘the immediate levels to be observed are 1,1495 and 1,1530.’ After the EUR rose to 1,1494, we indicated last Friday (June 6, for 1,1450) that ‘the prospects for the EUR remain positive, but it remains to be seen if it can break clearly above 1,1530.’ We did not expect the EUR to go back to 1,1369.
Source: Fx Street
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