EUR/USD: Expected to consolidate in a range of 1.1495/1.1600 – UOB Group

Source Fxstreet

Euro (EUR) is expected to consolidate in a range of 1.1495/1.1600. EUR surged to 1.1631 last Thursday. In the longer run, upward momentum has slowed somewhat; a breach of 1.1480 would suggest EUR may trade in a range instead of rising further, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Upward momentum has slowed somewhat

24-HOUR VIEW: "On Friday, when EUR was at 1.1595, we highlighted the following: 'Conditions are deeply overbought, and while EUR may rise above 1.1631, any further advance is likely part of a higher range of 1.1530/1.1640.' The subsequent price movements did turn out as we expected, as EUR pulled back sharply to 1.1488 before rebounding to close down by 0.27% at 1.1552. Upward momentum is turning flat, and today, we expect EUR to consolidate in a range of 1.1495/1.1600."

1-3 WEEKS VIEW: "Last Thursday (12 Jun, spot at 1.1495), we revised our EUR outlook to positive, but we indicated that 'it is too early to tell if there is enough momentum for EUR to reach last month’s high, near 1.1575.' After EUR soared above 1.1575, we indicated on Friday (13 Jun, spot at 1.1595) that EUR 'is likely to continue to rise, and the levels to watch are 1.1640 and 1.1700.' We added, 'if EUR were to break below 1.1480 (‘strong support’ level), it would indicate that the immediate upward pressure has eased.' We did not expect EUR to pull back sharply to 1.1488. Upward momentum has slowed somewhat, and a breach of 1.1480 would suggest that EUR may trade in a range instead of rising further."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Bitcoin Must Clear This Critical Cost Basis Level For Continued Upside, Analyst SaysIn a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
Author  NewsBTC
4 Month 23 Day Wed
In a recent CryptoQuant Quicktake post, contributor Crazzyblockk highlighted key Bitcoin (BTC) cost basis zones that the leading cryptocurrency must clear – or avoid breaking below – to
placeholder
Ethereum Price Action Turns Bearish — Risk of Near-Term CorrectionEthereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone. Ethereum started a fresh upward move above the $2,350
Author  NewsBTC
6 Month 27 Day Fri
Ethereum price started a fresh increase above the $2,450 zone. ETH is now correcting gains from $2,520 and might slip to test the $2,320 zone. Ethereum started a fresh upward move above the $2,350
placeholder
This Altcoin Looks Like PEPE Before It Exploded, Analyst SaysA cryptocurrency analyst has pointed out how Pudgy Penguins (PENGU) is starting to look similar to Pepe (PEPE) did before its explosion. Pudgy Penguins May Be Following A Similar Path As PEPE In a
Author  NewsBTC
7 Month 03 Day Thu
A cryptocurrency analyst has pointed out how Pudgy Penguins (PENGU) is starting to look similar to Pepe (PEPE) did before its explosion. Pudgy Penguins May Be Following A Similar Path As PEPE In a
placeholder
Solana (SOL) Cools After Recovery — Resistance Proving Difficult to CrackSolana started a recovery wave above the $150 zone. SOL price is now correcting gains and might struggle to rise above the $155 resistance. SOL price started a fresh decline after it failed to clear
Author  NewsBTC
7 Month 04 Day Fri
Solana started a recovery wave above the $150 zone. SOL price is now correcting gains and might struggle to rise above the $155 resistance. SOL price started a fresh decline after it failed to clear
placeholder
XRP Could Hit $50 If Ripple Gets Bank License, Claims Crypto PunditVincent Van Code, a software engineer and long-time XRP advocate, ignited fresh debate across the crypto community by outlining what he believes to be the transformative implications of Ripple’s
Author  NewsBTC
7 Month 04 Day Fri
Vincent Van Code, a software engineer and long-time XRP advocate, ignited fresh debate across the crypto community by outlining what he believes to be the transformative implications of Ripple’s
Related Instrument
goTop
quote