EUR/USD: Euro Enters Consolidation Phase

EUR/USD could rise to 1.0760 before retreating. Analysts at UOB Group wrote that the euro may have entered a consolidation phase and the exchange rate may trade between 1.0670-1.0800 for the time being.

EUR to trade between 1.0670-1.0800

24-hour view: “We did not expect a strong rebound to the high of 1.0746 in EUR; we expected range trading. Although the rapid rise is close to overbought levels, there is still room for EUR to rise to 1.0760 before retreating. No threat to the important resistance of 1.0800 is expected. Downside support is 1.0715 and 1.0695.

1-3 week view: “We have been thinking since the beginning of last week that EUR may retest 1.0665. After the Euro fell to 1.0668 last Friday, we said yesterday (June 24, spot price 1.0695) that ‘while the Euro is still biased to the downside, a clear break below 1.0665 is necessary to see further declines. We also noted that ‘a break above 1.0740 would signal a weakening of the downside trend’. The Euro subsequently rebounded and broke above 1.0740 (high 1.0746). Price action suggests that the Euro may have entered a consolidation phase. Currently, the Euro may trade between 1.0670-1.0800.

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