EUR/USD faces some consolidation within 1.0655-1.0815 – UOB

In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, EUR/USD is now expected to trade between 1.0655 and 1.0815 in the next few weeks.

Key Quotes

24-hour view: “In NY trade yesterday, EUR popped to a high of 1.0705, dropped sharply and swiftly to 1.0705 before trading choppily for the rest of the session. EUR could continue to trade in a choppy manner, likely within a range of 1.0695/1.0775.”

Next 1-3 weeks: “Yesterday, EUR popped briefly above our ‘strong resistance’ level of 1.0800 (high of 1.0804). The breach of the ‘strong resistance’ level indicates that the EUR weakness from early last week has come to an end. The current price movements are likely the early stages of a consolidation phase and EUR is expected to trade between 1.0655 and 1.0815.”