The economists of UOB Group Lee Sue Ann and Quek Ser Leang, suggest that the EUR/USD keep the consolidation range unchanged for now.
24 hour perspective: “We expected the EUR to test 1.0725 yesterday, but were of the opinion that the next resistance at 1.0760 was not expected to be threatened.” Our view was not wrong as the Euro rallied as high as 1.0730 before closing at 1.0719 (+0.50%). Although the advance does not possess much momentum, there is room for the euro to rally to 1.0760 before a pullback is likely. Main resistance at 1.0800 is unlikely to be in sight. He support is at 1.0700a break of 1.0680 would indicate that the euro does not advance further.”
Next 1-3 weeks: “Yesterday (March 20, pair at 1.0680), we indicated that the EUR seemed to be trading in a consolidation phase, probably in a wide range between 1.0600 and 1.0800. We continue to hold the same stance, despite the firm outlook ahead short term suggest that the euro is likely to test the 1.0800 level in the next few days. At the moment, we do not expect a sustained rally above this level.”
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.
