Further consolidation in EUR/USD appears on the cards for the time being, note UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang
. Key Quotes 24-hour view:Yesterday, we held the view that “there is room for EUR to edge lower, but any decline is unlikely to break clearly below 1.0560.” Our view was not wrong, as EUR dipped to a low of 1.0563 in late NY trade. While downward momentum has not increased much, the bias for today is still tilted to the downside. However, today, any decline is unlikely to reach the major support at 1.0510.
Note that there is another support at 1.0535. Resistance is at 1.0585, followed by 1.0605. Next 1-3 weeks:We continue to hold the same view as yesterday , wherein EUR is likely to trade in a range of 1.0510/1.0690 for now. While the underlying tone has weakened somewhat, EUR has to break below the major support at 1.0510 before a sustained decline is likely. At this stage, the likelihood of EUR breaking clearly below 1.0510 is not high.
Nigeria Latest News, Nigeria Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Forecast: Euro loses bullish momentum after PMI dataEUR/USD climbed to its highest level in five weeks near 1.0700 in the European morning on Tuesday but lost its traction following the disappointing PM
Read more »
Euro (EUR) Latest: EUR/USD Nudges Lower after Weak Eurozone PMI DataThe latest PMI data suggests the possibility of a mild recession in the Eurozone in H2 and this will add further pressure on the ECB to leave interest rates unchanged at this week’s meeting.
Read more »
EUR/USD Forecast: Resurgent US Dollar demand aims for a bearish breakoutThe EUR/USD pair flirted with the 1.0700 threshold on Tuesday as investors shrugged off war-related concerns and demanded high-yielding assets. Asian
Read more »