UOB predicts the preservation of the euro range

FX strategies in the UOB remain neutral with respect to the euro / dollar pair and believe that in the near future it can test the area of ​​1.1700. “While the EUR was weakening, as expected, the decline did not have enough momentum for the 1.1700 support test (the lowest level was found at 1.1720). Hence, despite the dim momentum, there is a possibility that EUR will drift lower, to 1.1700. However, it is expected that the next support at 1.1665 will not appear on the screen at the moment. The resistance is located at the level of 1.1770, and the maximum Monday mark about 1.1810 is probably strong enough to limit any intraday recovery.
In the next 1-3 weeks: EUR gave away some of the profits received last week, but the decline clearly has no momentum. We continue to view the current price behavior as part of the neutral phase of consolidation. In other words, it is expected that EUR will be trading sideways, at the moment, probably in a wide range of 1.1655 / 1.1860, “the bank’s experts said.

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