United Abroad Financial institution’s (UOB) Quek Ser Leang and Lee Sue Ann see EUR/USD consolidating intraday between 1.1595 and 1.1640 after a short dip to 1.1575 didn’t construct draw back momentum. On a 1–3 week view, a break above 1.1655 would sign that the decline from mid‑Could has seemingly ended. Over 1–3 months, UOB warns {that a} break of 1.1540 might open the best way towards 1.1410.
Euro-Greenback trapped between assist and resistance
“24-HOUR VIEW: EUR rebounded strongly to a excessive of 1.1644 on Wednesday. Yesterday, when EUR was at 1.1625, we highlighted the next: “Upward momentum is constructing, albeit not considerably. At present, as a substitute of constant to rise, EUR is extra more likely to consolidate between 1.1600 and 1.1650.” The following value actions didn’t prove as anticipated. Through the NY session, EUR dropped briefly to 1.1575 after which snapped again as much as shut little modified at 1.1618 (-0.08%). The transient decline didn’t lead to any improve in downward momentum, and right now, we proceed to count on EUR to consolidate, seemingly between 1.1595 and 1.1640.”
“1-3 WEEKS VIEW: We turned unfavorable on EUR in the course of final week (as annotated within the chart beneath). In our most up-to-date narrative from two days in the past (20 Could, spot at 1.1610), we indicated that “the main target is now at 1.1570.” After EUR subsequently rebounded to 1.1644, we highlighted yesterday that “downward momentum has slowed, and a breach of 1.1665 (‘robust resistance’ stage) would point out that 1.1570 is out of attain.” EUR subsequently dropped briefly to a low of 1.1575 after which rebounded. Downward momentum continued to ease. From right here, a breach of 1.1655 (‘robust resistance’ stage beforehand at 1.1665) would recommend that 1.1575 is the extent of the decline in EUR that began in the course of final week”
(This text was created with the assistance of an Synthetic Intelligence software and reviewed by an editor.)
