EUR/USD still faces further consolidation near term – UOB – by pabspiovano EURUSD Currencies Majors Banks
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 . 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 . 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. 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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