September 13, 2023 6:26 AM

EUR/USD currently expected further consolidation - UOB

EUR/USD currently expected further consolidation - UOB

The economist and market strategist at United Overseas Bank (UOB) Group anticipated that the EUR/USD would trade between the 1.0690-1.0820 range for the time being.

Key Points

24-hour outlook: Yesterday, we stated that although the euro might increase its gains it is highly unlikely to reach the major resistance at 1.0820. Again stated, "There is another resistance at 1.0780." As the EUR fell to 1.0704 before rising to 1.0768 and closing the day little altered at 1.0752 (+0.04%), our predictions were not fully met. The EUR may continue to rise, according to slightly firm momentum indications. The key barrier at 1.0820 is still most likely out of reach. Support can be found at 1.0735, then 1.0715. 

1-3 weeks from now: Little has to be added to our yesterday's update (12 September, spot at 1.0750). The recent EUR depreciation had stabilized, as was highlighted. From here, the price of the euro is likely to fluctuate, most likely between 1.0690 and 1.0820.