EUR/USD: The pair to fall to 1.0680 after a break below 1.0710 – UOB Group
|The Euro (EUR) is likely to trade in a sideways range of 1.0710/1.0760, UOB Group analysts note.
EUR/USD goes sidelined
24-HOUR VIEW: “While we expected EUR to edge higher yesterday, we were of the view that ‘any advance is unlikely to break above 1.0760.’ EUR rose more than expected to 1.0776 before pulling back. The pullback in overbought conditions suggests EUR is unlikely to rise further. Today, we expect EUR to trade in a sideways range of 1.0710/1.0760.”
1-3 WEEKS VIEW: “We continue to hold the same view as yesterday (01 Jul, spot at 1.0735). As highlighted, EUR is likely to trade in a range for now, probably between 1.0680 and 1.0785. Note that EUR rose towards the top of the expected range, reaching a high of 1.0776 in London trade before pulling back.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.