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- EUR/USD still faces further consolidation near term – UOB
EUR/USD still faces further consolidation near term – UOB
UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang expect EUR/USD to trade within a consolidative range for the time being.
Key Quotes
24-hour view: Yesterday, we held the view that EUR could “test 1.1045 before the risk of a more sustained pullback increases.” Instead of testing 1.1045, EUR traded in a relatively quiet manner between 1.0864 and 1.1017 before ending the day little changed at 1.1002 (-0.07%). The current price movements appear to be part of a consolidation. Today, EUR is likely to trade in a range between 1.0960 and 1.1035.
Next 1-3 weeks: We continue to hold the same view as yesterday (07 Aug, spot at 1.1000). As highlighted, the recent EUR weakness has stabilised. For the time being, EUR is likely to trade in a range, probably between 1.0920 and 1.1100.
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