EUR/USD: Upside momentum looks mitigated – UOB – by pabspiovano EURUSD Currencies Majors Banks
In the opinion of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, the upside bias in24-hour view: “Yesterday, we held the view that EUR ‘is likely to edge lower but it is unlikely to break the major support at 1.0920. EUR weakened less than expected as it dipped to 1.0940 and then rebounded to end the day at 1.0999 . Downward pressure has eased and EUR is unlikely to weaken further. Today, EUR is more likely to trade in a range, expected to be between 1.0960 and 1.1040.
Next 1-3 weeks: “There is not much to add to our update from yesterday . As highlighted, the recent buildup in upward momentum has more or less faded and EUR is likely to trade in a range of 1.0920/1.1040 for now.”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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