Instead of continuing to rise, the Euro (EUR) is likely to trade in a 1.0560/1.0610 range.
Instead of continuing to rise, the Euro 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 note.
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.” 1-3 WEEKS VIEW: “We turned negative in EUR on 07 Nov, when EUR was at 1.0730. After EUR fell below our technical target of 1.0500, we indicated last Friday that ‘The price action continues to suggest EUR weakness, even though caution is warranted given the deeply oversold conditions.’ We added, ‘The next support is at last year’s low, near 1.0450.
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