EUR/USD is expected to trade in the 1.1865-1.2005 range in the near term, according to UOB Group FX Strategists.
Observation for 24 hours: “Yesterday, we predicted EUR to trade between 1.1900 and 1.1950. However, it fell to 1.1876 before rising again. The downward trend has slowed, but only slightly. The EUR has room to fall towards the important support level of 1.1865, but a decisive breach seems doubtful. Only a break of 1.1945 would suggest that the current downward pressure has abated.”
Within the next 1-3 weeks: “There isn’t much else to say about Monday’s report (28 Jun, spot at 1.1940). As previously said, the recent weak phase has ended, and the present movement is being considered as a consolidation phase, with the EUR projected to trade in a range between 1.1865/1.2005. The consolidation is projected to end with a new weak phase, although EUR must close at 1.1845 before a persistent decrease can be envisaged.”
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