EUR/USD clings to the consolidative theme – UOB – by pabspiovano EURUSD Currencies Majors Banks
UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang signal further consolidation is likely in24-hour view: “We expected EUR to strengthen yesterday but we were of the view that ‘any advance is part of a 1.0740/1.0830 range’. EUR dipped to a low of 1.0743 in early London trade and then edged higher to 1.0799 before settling at 1.0796 . Upward momentum has improved somewhat but while EUR could break above 1.0830; it is unlikely to threaten the next resistance at 1.0870.
Next 1-3 weeks: “There is not much to add to our update from yesterday . As highlighted, EUR appears to have entered a consolidation phase and it is likely to trade between 1.0660 and 1.0870 for the time being.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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