risk extra losses below 1.0630, according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: We expected EUR to consolidate in a range of 1.0645/1.0695 yesterday. EUR then traded in a range of 1.0653/1.0698 before closing at 1.0690 . The underlying tone has firmed somewhat, and there is room for EUR to edge higher today. However, any advance is unlikely to break the strong resistance at 1.0730. On the downside, if EUR drops below 1.
Next 1-3 weeks: After EUR plummeted to a low of 1.0629, in our latest narrative from last Friday , we highlighted that there had been a sharp increase in downward momentum. We held the view that EUR “has likely resumed its weakness, but it remains to be seen if it can reach March’s low near 1.0515 this time around.” Since then, EUR has not been able to make further headway on the downside. Downward momentum is beginning to wane.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: FXStreetNews - 🏆 14. / 72 Read more »