FX Strategists at UOB Group noted EUR/USD is predicted to stay within the 1.2150-1.2265 consolidation range.
“We expected EUR to strengthen yesterday but we highlighted that ‘any advance is predicted to face solid resistance at 1.2250’. We added, ‘the major resistance at 1.2265 is unlikely to return into the picture’. Our view wasn’t wrong as EUR popped to 1.2254 during the NY session before retreating quickly. Upward momentum has waned and therefore the current movement is viewed as a part of a consolidation. In other words, EUR is probably going to trade sideways for today, expected to be within a 1.2195/1.2240 range.”
Next 1-3 weeks: “Our update from yesterday (01 Jun, spot at 1.2225) still stands. As highlighted, EUR is probably going to trade between 1.2150 and 1.2265. EUR subsequently rose to 1.2254 before easing off. Looking ahead, EUR has got to close below 1.2150 or above 1.2265 before a sustained directional move is often expected.”
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