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EUR/USD: The pair enters a consolidation phase – UOB Group

There is likely room for the Euro (EUR) to rise to 1.0760 before stabilizing. The EUR has likely entered a consolidation phase; At the moment, it is possible to trade between 1.0670 and 1.0800according to analysts from UOB Group.

The Euro will trade within the range 1.0670-1.0800

24 HOURS VIEW: “We did not anticipate the strong bounce that took the EUR to a high of 1.0746; we expected a range-bound trade. Although the rapid advance is approaching overbought levels, there is likely room for EUR to rise to 1.0760 before stabilizing. The main resistance at 1.0800 is not expected to be threatened. On the downside, support levels are at 1.0715 and 1.0695.”

1-3 WEEKS VIEW: “We have held the view that the EUR could retest 1.0665 since the beginning of last week. After the EUR fell to 1.0668 last Friday, we indicated yesterday (June 24, pair at 1.0695) that ‘although the EUR trend remains bearish, it must clearly break below 1.0665 before a further decline can be expected.’ We also stated that ‘a break of 1.0740 would mean the downtrend has faded.’ The EUR then rebounded and broke above 1.0740 (high 1.0746). The price action suggests that the EUR has likely entered a consolidation phase. At the moment, it is likely to trade between 1.0670 and 1.0800

Source: Fx Street

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