EUR/USD faces further consolidation near term – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We expected EUR to trade sideways between 1.0925 and 1.0995 last Friday. Our view of sideways trading was not wrong even though EUR traded in a narrower range than expected . The underlying tone has firmed somewhat and EUR is likely to edge higher today. However, a clear break above 1.1025 appears unlikely. Support is at 1.0965; a breach of 1.0945 would indicate that the current mild upward pressure has eased.
Next 1-3 weeks: “Last Tuesday , we noted that ‘downward momentum appears to be building, albeit tentatively’ and we expected EUR to trade with a downward bias. However, EUR has not been able to make any headway on the downside and last Friday , we indicated that ‘unless EUR breaks clearly below 1.0925 soon, it is more likely to trade sideways instead of with a downward bias’. EUR did not break 1.0925 and downward pressure has eased.
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