The Euro (EUR) is likely to trade in a range, probably between 1.0665 and 1.0715. Bias for EUR remains on the downside; it must break clearly below 1.0665 before further decline can be expected, UOB Group analysts note.
Euro to trade in 1.0665-1.0715 range
24-HOUR VIEW: “When EUR was trading at 1.0705 last Friday, we indicated that EUR could continue to weaken. However, we pointed out that ‘it might not be able to break clearly below 1.0665.’ Our view was not wrong, as EUR fell to 1.0668 before rebounding to close little changed at 1.0691 (-0.08%). Downward momentum is slowing, and EUR is unlikely to weaken much further. Today, EUR is more likely to trade in a range, probably between 1.0665 and 1.0715.”
1-3 WEEKS VIEW: “Last Tuesday (18 Jun, spot at 1.0735), we highlighted that ‘there has been a slight buildup in downward momentum, and there is a chance for EUR to retest the 1.0665 level.’ We also highlighted that ‘the likelihood of a sustained decline below this level is not high.’ On Friday (21 Jun, spot at 1.0705), we highlighted that ‘the chance of EUR breaking clearly below 1.0665 has increased slightly.’ EUR subsequently dropped to a low of 1.0668. While the bias for EUR remains on the downside, it must break clearly below 1.0665 before further decline can be expected. Looking ahead, the next level to watch below 1.0665 is at 1.0630. On the upside, a breach of 1.0740 (‘strong resistance’ level was at 1.0760 last Friday) would mean that the downward bias has faded.”
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
EUR/USD recovers toward 1.0400 as USD rally loses steam
EUR/USD recovers from daily lows toward 1.0400 in the American session on Tuesday. Following the earlier rally, the USD struggles to preserve its strength as the bullish opening in Wall Street's main indexes point to an improving risk mood.
GBP/USD stays below 1.2300 after UK employment data
GBP/USD rebounds from session lows but remains below 1.2300 in the second half of the day on Tuesday. The US Dollar clings to modest gains but finds it difficult to gather further bullish momentum as the impact of Trump's tariff threats fade.
Gold now targets the all-time high near $2,800
Gold gathers bullish momentum and trades at its highest level since early November above $2,730 on Tuesday. The benchmark 10-year US Treasury bond yield is down more than 1% below 4.6% following US President Trump's tariff threats, helping XAU/USD push higher.
Bitcoin fails to sustain the $109K mark after Trump’s inauguration
Bitcoin’s price steadies above the $102,000 mark on Tuesday after reaching a new all-time high of $109,588 the previous day. Santiment’s data shows that BTC prices quickly corrected, as social media showed major greed and FOMO among the traders in Bitcoin after President Donald Trump’s inauguration.
Prepare for huge US trade changes as Trump goes America first
You can be sure that big changes are coming as far as US trade is concerned, even if we didn't get any new tariffs on President Trump's first day in office. A comprehensive investigation into US trade relationships was initiated via a memorandum. China, Canada, and Mexico are clearly in the immediate firing line.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.