EUR/USD constructive above 1.0670 – UOB

The pair could attempt a test of 1.0820 while above the 1.0670 area, suggested FX Strategists at UOB Group.

Key Quotes

“EUR eased off quickly after failing to move clearly above the 1.0770 resistance (high of 1.0774). The recent upward pressure has eased and the current movement is likely part of a consolidation phase. In other words, sideways trading seems likely for today even though the immediate bias is for a probe lower towards the bottom of the expected 1.0690/1.0770 consolidation range”.

“EUR tried but failed to maintain a toehold above 1.0770 (high of 1.0774). The recent positive undertone has eased somewhat with the pull-back from the high but as long as 1.0670 is intact, another attempt to move towards 1.0820 is not ruled out just yet, even though the odds for such a move have diminished”.