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- EUR/USD still targets the 1.2200 level – UOB
EUR/USD still targets the 1.2200 level – UOB
FXStreet reports that FX Strategists at UOB Group noted the positive outlook for EUR/USD.
24-hour view; “We expected EUR to ‘edge downwards within a lower range of 1.2090/1.2160’ yesterday and we were of the view ‘a sustained decline below 1.2090 is not expected’. EUR subsequently dipped to a low of 1.2077 before rebounding quickly to an overnight high of 1.2166. The current movement is still viewed as part of a consolidation phase. That said, the weakened underlying tone suggests EUR is likely to trade within a lower range of 1.2065/1.2150.”
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