EUR/USD could face some consolidation near term – UOB – by pabspiovano EURUSD Currencies Majors Banks
could move into a consolidative phase in the near term.24-hour view: “EUR rose to a 7-week high of 1.0929 yesterday before pulling back sharply to close lower by 0.23% . The sharp pullback amid overbought conditions and waning momentum suggests EUR has likely entered a consolidation phase. Today, EUR is likely to trade sideways a range of 1.0800/1.0900.”
Next 1-3 weeks: “Our most recent narrative was from Wednesday wherein we highlighted that ‘upward momentum is beginning to improve but EUR has to break and stay above 1.0800 before a sustained rise is likely’. EUR easily surpassed 1.0800 and yesterday, it rose to 1.0929 before closing lower for the first time in five days . Short-term conditions are severely overbought and this could lead to a few days of consolidation first. As long as 1.
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