- Analytics
- News and Tools
- Market News
- EUR/USD now faces some near-term consolidation – UOB
EUR/USD now faces some near-term consolidation – UOB
Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia now see EUR/USD navigating within the 1.0560-1.0800 range for the time being.
Key Quotes
24-hour view: “We expected EUR to ‘continue to edge higher’ last Friday but we were of the view that it ‘is unlikely to break strong resistance at 1.0630’. However, EUR strengthened more than expected, jumping to a high of 1.0700. Upward momentum has improved, albeit not significantly. Today, EUR could advance further to 1.0740. The major resistance at 1.0800 is not expected to come under threat. On the downside, a breach of 1.0620 (minor support is at 1.0660) would indicate that the current upward pressure has eased.”
Next 1-3 weeks: “Our latest narrative was from last Wednesday (08 Mar, spot at 1.0550) where the slight improvement in downward momentum is likely to lead to EUR gravitating lower to 1.0485. Last Friday, EUR jumped above our ‘strong resistance’ of 1.0630. The breach of the ‘strong resistance’ indicates that downward pressure has eased. We view the current price actions as part of a consolidation range and expect EUR to trade between 1.0560 and 1.0800 for the time being.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
