The Euro (EUR) is likely to trade in a range of 1.0685/1.0730 and remain under pressure.
The Euro is likely to trade in a range of 1.0685/1.0730 and remain under pressure. There’s a chance of a sustained decline for EUR/USD, but only if it can break below 1.0640, UOB Group analysts note. The pair remains sidelined 24-HOUR VIEW: “Yesterday, we indicated that EUR 'could decline further, but it is not clear if it can break the significant support level at 1.0640.' Our view was incorrect, as EUR rebounded to 1.0726, closing at 1.0702 .
The price action is likely part of a consolidation phase. Today, we expect EUR to trade in a range of 1.0685/1.0730.” 1-3 WEEKS VIEW: “Our update from yesterday is still valid. As indicated, downward momentum is building again, but at this stage, it does not appear to be enough to suggest the start of a sustained decline. Furthermore, there is a significant support level at 1.0640. That said, provided that 1.
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