EUR/USD now appears within a consolidative range – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We highlighted yesterday that EUR ‘could edge below 1.0700 but it is highly unlikely to threaten the major support at 1.0650’. We added, ‘there is a minor support at 1.0680’ and ‘a breach of 1.0745 would indicate the current mild downward pressure has faded’. Our view turned out to be correct as EUR dropped to 1.0671 and then rebounded sharply to 1.0746. Not only has downward pressure faded, upward pressure is beginning to build.
Next 1-3 weeks: “We have expected EUR to weaken since three weeks ago. Our view was correct and as EUR dropped, in our latest narrative from last Friday , we held the view that the selloff in EUR appears to be overextended. We added, ‘while it could still drop further, it remains to be seen if it has enough momentum to break clearly below the next support at 1.0650’. Yesterday , EUR dropped to a low of 1.0671 and then rebounded sharply to close higher by +0.26% .
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