EUR/USD is currently trading between 1.0390 and 1.0560 — UOB

Considering the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, “As of now, the EUR/USD currency pair probably moved into consolidating phase.”

May 19, 2022 - 03:34 PM 255 views

EUR/USD is currently trading between 1.0390 and 1.0560 — UOB

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© EUR/USD is currently trading between 1.0390 and 1.0560 — UOB

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Considering the opinion of FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang, “As of now, the EUR/USD currency pair probably moved into consolidating phase.”

Important Quotes

24-hour View: On previous day, we predicted the further EUR strength. However, the EUR value is reduced to 1.0458 points. Even though a prolonged loss below this level is improbable, the oversold decline has the potential to extend below 1.0440. The next level of support, at 1.0390, is unlikely to be reached. The resistance level is 1.0500, which is followed by 1.0530."

In the Next 1-3 Weeks: On previous day (18th May, spot at 1.0545) , we believed that the EUR's corrective comeback may reach 1.0600. The subsequent strong decrease to a low of 1.0458 during the NY session was unexpected. While our'strong support' level of 1.0440 has not been exceeded, the momentum has soon faded. The recent dramatic but short-lived movements have resulted in a mixed picture, with EUR trading in a range of 1.0390/1.0560 for the time being."

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