Lee Sue Ann, Economist at UOB Group, and Quek Ser Leang, Market Strategist, point out that EUR/USD could face some consolidation move before possible further losses.
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24 hour view: Our view that EUR/USD would retest the 1.0765 level failed to materialize as it traded in a tight range between 1.0792 and 1.0820. The price development is likely to be part of a consolidation phase. Today we expect the EUR/USD to trade in a range, probably between 1.0800 and 1.0845.
Next 1-3 weeks: We continue to hold the same view as yesterday (August 28, EUR/USD at 1.0795). As highlighted, EUR/USD could consolidate for a couple of days before turning down to 1.0730. However, if EUR/USD breaks above the “strong resistance” level of 1.0875 (no change from yesterday’s level), it would indicate that the EUR/USD weakness initiated early last week has stabilized.
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.
