EUR/USD faces further consolidation near term – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We expected EUR to trade sideways between 1.0925 and 1.0995 last Friday. Our view of sideways trading was not wrong even though EUR traded in a narrower range than expected . The underlying tone has firmed somewhat and EUR is likely to edge higher today. However, a clear break above 1.1025 appears unlikely. Support is at 1.0965; a breach of 1.0945 would indicate that the current mild upward pressure has eased.
Next 1-3 weeks: “Last Tuesday , we noted that ‘downward momentum appears to be building, albeit tentatively’ and we expected EUR to trade with a downward bias. However, EUR has not been able to make any headway on the downside and last Friday , we indicated that ‘unless EUR breaks clearly below 1.0925 soon, it is more likely to trade sideways instead of with a downward bias’. EUR did not break 1.0925 and downward pressure has eased.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Pairs in Focus This Week \u2013 GBP/USD, EUR/USD, USD/CADGet the Forex Forecast using fundamentals, sentiment, and technical position analyses for major pairs for the week of April 23th, 2023 here.
Read more »
EUR/USD: Weekly Forecast 23th April - 29th AprilThe EUR/USD finished the last week of trading slightly below its previous week\u2019s finish.
Read more »
Weekly Forex Forecast \u2013 NASDAQ 100 Index, EUR/USD, GBP/USDMarkets had an unsettled week which saw little overall change in the value of most assets, with little going on except some CPI releases in the UK, Australia, and New Zealand-
Read more »
EUR/USD Price Analysis: Bears in the market and eye break of 1.0909EUR/USD has moved to the backside of the bullish trend and below 1.0990 which is now acting as a resistance structure. EUR/USD weekly chart The weekly
Read more »
EUR/USD Price Analysis: Absence of a bullish momentum favors a downside biasThe EUR/USD pair has dropped after failing to test the psychological resistance of 1.1000 in the early European session. The major currency pair has s
Read more »