The Euro (EUR) could dip below the 1.0689 low. The major support at 1.0670 is unlikely to come under threat. EUR has likely entered a consolidation phase. For the time being, it is likely to trade between 1.0670 and 1.0800, UOB Group analysts note.
The pair is rangebound between 1.0670 and 1.0800
24-HOUR VIEW: “We indicated yesterday that ‘there is room for EUR to rise to 1.0760 before levelling off is likely.’ Our view was incorrect, as EUR fell briefly to a low of 1.0689 before rebounding to close at 1.0713 (-0.18%). The price action has resulted in a slight increase in downward momentum, and EUR could dip below the 1.0689 low today. The major support at 1.0670 is unlikely to come under threat. Resistance is at 1.0730, followed by 1.0745.”
1-3 WEEKS VIEW: “After EUR rebounded strongly two days ago, we highlighted yesterday (25 Jun, spot at 1.0730) that EUR ‘has likely entered a consolidation phase.’ We also highlighted that ‘for the time being, it is likely to trade between 1.0670 and 1.0800.’ We continue to hold the same view.”
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