The Euro (EUR) may see some gains but is unlikely to surpass the 1.0760 mark, according to analysts from UOB Group. For the time being, the EUR is expected to fluctuate within a range of 1.0680 to 1.0785.
24-Hour Outlook:
Last Friday, analysts predicted that the EUR was in a consolidation phase, anticipating a trading range of 1.0685 to 1.0730. This forecast was accurate as the EUR traded between 1.0683 and 1.0724, closing at 1.0713 (+0.10%). The EUR opened higher in Sydney today, showing modest upward momentum. While the EUR may edge higher, any advance is unlikely to break above 1.0760. Support levels are identified at 1.0720 and 1.0700.
1-3 Weeks Outlook:
In the most recent analysis from last Thursday, following a dip to 1.0664, it was noted that unless the EUR breached 1.0735, it would remain under pressure, with a significant decline only likely if it dropped below 1.0640. However, the EUR broke above 1.0735 in early Sydney trading today. This price action indicates that the EUR is likely to trade within a range of 1.0680 to 1.0785 for now.
Related Topics:
