The Euro (EUR) could edge higher, but any advance is unlikely to break above 1.0760. EUR is likely to trade in a range for now, probably between 1.0680 and 1.0785, UOB Group analysts suggest.
The pair is moving towards resistance at 1.0785
24-HOUR VIEW: “Last Friday, we indicated that 'the price action is likely part of a consolidation phase,' and we expected EUR to trade in a range of 1.0685/1.0730. Our view was not wrong, as EUR subsequently traded between 1.0683 and 1.0724, closing at 1.0713 (+0.10%). However, EUR opened higher in Sydney trade today. Upward momentum has increased, albeit not much. Today, EUR could edge higher, but any advance is unlikely to break above 1.0760. On the downside, support levels are at 1.0720, followed by 1.0700.”
1-3 WEEKS VIEW: “After EUR fell to a low of 1.0664, in our most recent narrative from last Thursday (27 Jun, spot at 1.0702), we indicated that 'provided that 1.0735 is not breached, EUR is likely to remain under pressure, but a sustained decline is likely only if it can break clearly below 1.0640.' EUR broke above 1.0735 when it opened on a strong note in early Sydney today. The price action suggests that EUR is likely to trade in a range for now, probably between 1.0680 and 1.0785.”
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