EUR/USD now seen within the 1.1555-1.1670 range – UOB

FX Strategists at UOB Group referred to EUR/USD now moved into a consolidative phase, probable between 1.1555 and 1.1670 in the subsequent weeks.

Key Quotes
24-hour view: “Our view for EUR to ‘trade sideways’ the day prior to this was once fallacious as it plummeted to 1.1589 earlier than closing on a smooth notice at 1.1606 (-0.35%). Despite the decline, downward momentum has no longer accelerated with the aid of all that much. That said, EUR ought to dip to 1.1580 first earlier than a rebound can be expected. For today, the primary guide at 1.1555 is now not predicted to come into the picture. Resistance is at 1.1630 observed with the aid of 1.1645.”

Next 1-3 weeks: “We have predicted a greater EUR for extra than a week now. After rising to a excessive of 1.1669, EUR struggled to prolong its gains. Last Friday (22 Oct, spot at 1.1625), we highlighted that upward momentum has eased and a smash of the ‘strong support’ at 1.1590 would point out that 1.1680 is out of attain this time round. EUR dropped to 1.1589 the day before today (25 Oct) and regardless of the moderate breach of the ‘strong support’, upward momentum has extra or much less dissipated. In different words, EUR power has run its course. EUR has probable moved into a consolidation section and is predicted to change between 1.1555 and 1.5670 for now.”

 

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