EUR/USD is now expected to have entered in a consolidative phase, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia a
is now expected to have entered in a consolidative phase, according to Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group.24-hour view: Our view that EUR is likely to trade in a range was incorrect. Instead of trading in a range, EUR soared to a high of 1.0616. The advance was, however, short-lived, as EUR pulled back quickly to end the day slightly higher at 1.0570 . We view the current movement as part of a consolidation phase.
Next 1-3 weeks: Last Friday , we highlighted that “downward momentum has waned considerably, and the likelihood of EUR breaking below the year’s low near 1.0480 has diminished considerably as well.” EUR then rebounded to a high of 1.0616 before pulling back to close at 1.0570 . The price action suggests that the EUR weakness that started early last week has ended. EUR appears to have entered a consolidation phase. For the time being, EUR is likely to trade in a range, probably between 1.
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The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.EUR/USD is consolidating in a narrow range below 1.0600 in early Europe on Monday. The pair keeps its calm amid a steady US Dollar, higher US Treasury bond yields and a cautious mood. US ISM PMI and Powell's speech in focus. GBP/USD struggles to gain any meaningful traction and oscillates in a narrow trading range.
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