EUR could edge higher, but any advance is unlikely to break above 1.0760.
EUR is likely to trade in a range for now, probably between 1.0680 and 1.0785, UOB Group analysts suggest. The pair is moving towards resistance at 1.0785 24-HOUR VIEW: “Last Friday, we indicated that “the price action is likely part of a consolidation phase,” and we expected EUR to trade in a range of 1.0685/1.0730. Our view was not wrong, as EUR subsequently traded between 1.0683 and 1.0724, closing at 1.0713 . However, EUR opened higher in Sydney trade today.
Today, On the downside, support levels are at 1.0720, followed by 1.0700.” 1-3 WEEKS VIEW: “After EUR fell to a low of 1.0664, in our most recent narrative from last Thursday , we indicated that “provided that 1.0735 is not breached, EUR is likely to remain under pressure, but a sustained decline is likely only if it can break clearly below 1.0640.” EUR broke above 1.0735 when it opened on a strong note in early Sydney today.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD Forecast: EUR/USD holds in range after a disappointing US ADP surveyFinancial markets were mostly quiet throughout the first half of the day, with the US Dollar achieving modest intraday gains amid prevalent caution.
Read more »
EUR/USD: Topside for EUR/USD is very limited – Societe GeneraleThis morning’s IFO data confirm what the PMIs told us – expectations are down, FX strategist Kit Juckes at Societe Generale notes.
Read more »
EUR/USD IG Client Sentiment: Our data shows traders are now net-short EUR/USD for the first time since Jun 13, 2024 when EUR/USD traded near 1.07.Traders are further net-short than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bullish contrarian trading bias.
Read more »
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since May 30, 2024 13:00 GMT when EUR/USD traded near 1.08.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bearish contrarian trading bias.
Read more »
Euro, CAC 40 Sink on French Snap Election Call; EUR/USD and EUR/GBP LatestFrench President Emmanuel Macron called a snap election after his party suffered a heavy defeat to the far-right National Party at this weekend’s European elections.
Read more »
Euro Outlook Ahead of the ECB Rate Decision – EUR/USD, EUR/CHF SetupsEuro in focus ahead of the highly likely ECB rate cut. Euro positioning has improved in recent weeks and softer US data could improve the outlook for the single currency
Read more »