Economist Lee Sue Ann and UOB Group Market Strategist Quek Ser Leang suggest that there is still room for EUR/USD to move higher in the short term.
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24 hour view: We indicated yesterday that “the current price movement appears to be part of a consolidation phase” and expected EUR/USD to trade in a 1.0910/1.0970 range. Subsequently, EUR/USD traded between 1.0905 and 1.0946. Price appears to be consolidating further, but the slightly weakening underlying tone suggests that EUR/USD is likely to range lower at 1.0890/1.0950.
Next 1-3 weeks: We have maintained a positive view on the EUR/USD for more than a week. In our most recent analysis last Friday (June 16, EUR/USD at 1.0940), we noted that “EUR/USD is likely to continue rising, albeit at a slower pace” and added that “the next level to watch is 1.1000”. We remain of the same view, although overbought conditions could lead to a consolidation in 1-2 days first. In general, only a break of 1.0845 (no change at the “strong support” level) would indicate that 1.1000 is out of reach this time.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
