FXStreet reports that FX Strategists at UOB Group said that the negative phase in EUR/USD is expected to finish above the 1.1970 level
Next 1-3 weeks: “Our update from yesterday still stands. As highlighted, the rebound in EUR has been more resilient than expected and a break of 1.1970 would indicate that the weak phase has run its course. We also indicated that EUR ‘has to move and stay below 1.1890 within these 1 to 2 days or the odds for further EUR weakness would diminish quickly’. EUR subsequently rose to 1.1969 during London hours before easing off. There is still chance, albeit a slim one for EUR to extend its weakness but unless EUR can close below 1.1890 by end of today, it appears increasingly likely that EUR has moved into a consolidation phase. In other words, the weak phase that started early last week is likely coming to an end soon.”
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