The Euro (EUR) is likely to consolidate between 1.0895 and 1.0930.
The Euro is likely to consolidate between 1.0895 and 1.0930. If EUR breaches 1.0875, it would mean that the likelihood of it rising to 1.1010 has faded, UOB Group FX analysts Quek Ser Leang and Peter Chia note. The 1.0875 support is a bear magnet 24-HOUR VIEW: “EUR traded in a quiet manner between 1.0908 and 1.0931 last Friday, closing largely unchanged at 1.0916 . The price movements are likely part of a consolidation phase. Today, EUR is likely to trade between 1.0895 and 1.0930.
” 1-3 WEEKS VIEW: “Last Monday , we indicated that ‘there is a chance for EUR to advance further, and if it can break above 1.0950, it could trigger a rapid rise to 1.1000.’ After EUR broke above 1.0950 and soared to 1.1008, we indicated on 06 Aug that EUR ‘is still positive, but it has to surpass 1.1010 before further advance to 1.1070 can be expected.’ Since then, EUR has not been able to make further headway on the upside, trading mostly sideways.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
EUR/USD: Bears are set to break below 1.0790There is a chance for the Euro (EUR) to dip to 1.0790 before the risk of a more sustained rebound increases.
Read more »
EUR/USD Forecast: Bears take over amid dismal German dataThe EUR/USD pair recovered some ground after bottoming at 1.0802 on Monday, but price action remains sluggish across the FX board as investors gear up for first-tier events scheduled throughout the rest of the week, while mixed European data undermined demand for the Euro.
Read more »
EUR/USD: Bears are set to retest the 1.0835 supportThe Euro (EUR) is expected to trade sideways, probably in a range of 1.0835/1.0870.
Read more »
EUR/USD IG Client Sentiment: Our data shows traders are now net-long EUR/USD for the first time since Jul 03, 2024 when EUR/USD traded near 1.08.Traders are further net-long than yesterday and last week, and the combination of current sentiment and recent changes gives us a stronger EUR/USD-bearish contrarian trading bias.
Read more »
EUR/USD: A break below 1.0885 to signal further weaknessThe Euro (EUR) is expected to trade sideways between 1.0885 and 1.0935.
Read more »
EUR/USD: Has a chance to break below 1.0815Chance for the Euro (EUR) to edge lower. Any decline is still unlikely to break clearly below 1.0815.
Read more »