EUR/USD faces further consolidation – UOB By pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We highlighted yesterday that EUR ‘is unlikely to weaken much further’ and expected it to consolidate and trade between 1.1275 and 1.1345”. EUR subsequently traded within a narrower range than expected before closing little changed at 1.1285 . While the underlying tone has weakened somewhat, the downside risk appears to be limited. From here, EUR could edge lower, but any weakness is viewed as part of a trading range of 1.1265/1.1310.
Next 1-3 weeks: “Our view from yesterday still stands. As highlighted, while downward momentum has improved a tad, theInformation on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.
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