#EURUSD @ 1.06970 now appears within a consolidative range – UOB
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Economist Lee Sue Ann and Markets Strategist Quek Ser Leang expect EUR/USD to trade within the 1.0670-1.0820 range in the next weeks.
24-hour view: “We highlighted yesterday that EUR ‘could edge below 1.0700 but it is highly unlikely to threaten the major support at 1.0650’. We added, ‘there is a minor support at 1.0680’ and ‘a breach of 1.0745 would indicate the current mild downward pressure has faded’. Our view turned out to be correct as EUR dropped to 1.0671 and then rebounded sharply to 1.0746. Not only has downward pressure faded, upward pressure is beginning to build. Today, EUR could strengthen but it might not be able to break clearly above 1.0775 (there is another resistance at 1.0755). Support is at 1.0705, followed by 1.0670.”
Next 1-3 weeks: “We have expected EUR to weaken since three weeks ago. Our view was correct and as EUR dropped, in our latest narrative from last Friday (26 May, spot at 1.0725), we held the view that the selloff in EUR appears to be overextended. We added, ‘while it could still drop further, it remains to be seen if it has enough momentum to break clearly below the next support at 1.0650’. Yesterday (30 May), EUR dropped to a low of 1.0671 and then rebounded sharply to close higher by +0.26% (1.0733). While our ‘strong resistance’ level of 1.0775 has not been breached, downward pressure has more or less faded. In other words, EUR weakness has likely stabilized and it is likely to trade in a range of 1.0670/1.0820 for the time being.”
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