EUR/USD: Likely to trade in a 1.0560/1.0610 range – UOB Group
Instead of continuing to rise, the Euro (EUR) is likely to trade in a 1.0560/1.0610 range. In the longer run, Downward momentum is beginning to fade; a break of 1.0610 would indicate that EUR has entered a consolidation phase, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann notes.
Downward momentum is beginning to fade
24-HOUR VIEW: “After EUR traded in a range last Friday, we indicated yesterday (Monday) that ‘There has been no increase in either downward or upward momentum, and we continue to expect EUR to trade in a range, probably between 1.0505 and 1.0585.’ We did not anticipate the rebound that sent EUR to a high of 1.0607. EUR closed on a firm note at 1.0599 ( 0.55%). The rebound appears to be running ahead of itself, and instead of continuing to rise, EUR is likely to trade in a 1.0560/1.0610 range today.”
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.