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- EUR/USD now seen between 1.1640 and 1.1820 – UOB
EUR/USD now seen between 1.1640 and 1.1820 – UOB
FXStreet reports that FX Strategists at UOB Group expect EUR/USD to navigate within the 1.1640-1.1820 range in the next weeks.
Next 1-3 weeks: “Yesterday, we highlighted that ‘as EUR approaches 1.1830, upward momentum has improved, albeit not by much’. We added, ‘there is room for EUR to edge above 1.1830 and move towards the next resistance at 1.1870’. EUR subsequently rose to a high of 1.1807 before dropping suddenly to an overnight low of 1.1730. While our ‘strong support’ level at 1.1715 is still intact, the rapid loss in momentum indicates that our expectation for a higher EUR is incorrect. From here, it seems that EUR has lapsed back into a consolidation phase and is likely trade between 1.1640 and 1.1820 for now.”
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