The currency strategists of UOB Group expect the EUR/USD accelerate gains if the 1.1970 zone is exceeded in the near term.
Featured statements
24-hour perspective: “We highlighted yesterday that the momentum indicators were mostly neutral and we expected the EUR to trade between 1.1890 and 1.1960. The euro subsequently traded within a narrower range than expected (1.1916 / 1.1956). prices do not offer fresh clues and the single currency could continue to trade sideways. Expected range for today is at 1.1890 / 1.1955.”
Next 1-3 weeks: “The euro was trading quietly yesterday (June 24) before closing practically unchanged at 1.1930 (+ 0.04%). Our last account on Wednesday (June 23, even at 1.1940) still stands. Notably, the recent rally in the EUR has been more resilient than expected and a breakout of 1.1970 would indicate that the weak phase that started early last week has run its course. The downside momentum is starting to wane and unless the EUR moves and remains below 1.1890 within these 1 to 2 days, a breakout of 1.1970 would not be surprising“.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
