EUR/USD attempts some consolidation near term

UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang note EUR/USD could face some consolidative mood ahead of potential extra losse

24-hour view: Our view for EUR to retest the 1.0765 level did not materialise as it traded in a tight range between 1.0792 and 1.0820. The price actions are likely part of a consolidation phase. Today, we expect EUR to trade in a range, probably between 1.0800 and 1.0845.

Next 1-3 weeks: We continue to hold the same view as yesterday . As highlighted, EUR could consolidate for a couple of days before declining to 1.0730. However, if EUR breaches the ‘strong resistance’ level at 1.0875 , it would indicate that the weakness in EUR that started early last week has stabilised. Information on these pages contains forward-looking statements that involve risks and uncertainties.

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