EUR/USD now faces some consolidation – UOB

UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang suggest EUR/USD could now trade within 1.0635-1.0785 in the next few weeks.

Key Quotes

24-hour view: “EUR traded between 1.0666 and 1.0739 yesterday before closing little changed at 1.0697 (+0.06%). The price movements are likely part of a consolidation phase and EUR could continue to trade in a range. Expected range for today, 1.0670/1.0740.”

Next 1-3 weeks: “After dropping to a low of 1.0633 last week, EUR rebounded to 1.0778 and it has since traded between the two levels. The price movements appear to be part of a consolidation and EUR could trade between 1.0635 and 1.0785 for a while more.”