- Analytics
- News and Tools
- Market News
- EUR/USD: No change to the consolidative stance – UOB
EUR/USD: No change to the consolidative stance – UOB
FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang expect EUR/USD to remain side-lined for the time being, likely between 1.0100 and 1.0260.
Key Quotes
24-hour view: “Yesterday, we expected the decline in EUR to extend but we were of the view that ‘the major support at 1.0100 is unlikely to come under threat’. We indicated, ‘there is another support at 1.0130’. During NY session, EUR dropped briefly to 1.0121 before rebounding to end the day unchanged at 1.0164. Downward pressure has eased and EUR is unlikely to weaken further. For today, EUR is more likely to trade sideways between 1.0130 and 1.0210.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (03 Aug, spot at 1.0165). As highlighted, EUR is still in a consolidation phase and it is likely to trade between 1.0100 and 1.0260. Looking ahead, EUR has to break the major support at 1.0100 before a sustained decline is likely.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
