After experiencing a sharp selloff, experts at UOB Group, Quek Ser Leang and Lee Sue Ann, believe that the Euro (EUR) will now consolidate in a range between 1.0945 and 1.1010. Alternatively, the EUR could also trade within the broader range of 1.0910 to 1.1045. The closest resistance level is at 1.1010, indicating a potential barrier for further upward movement.
In the short-term view, EUR had initially risen sharply to 1.1047 before pulling back. Analysts predicted that due to overbought conditions, the EUR was unlikely to rise further and expected it to trade within a range of 1.0985 and 1.1045. However, a sharp selloff occurred during NY trading, causing the EUR to plummet to 1.0948. Despite the excessive decline, experts believe that the EUR is unlikely to weaken much further and may consolidate within a range of 1.0945 to 1.1010 in the upcoming trading session.
Looking at the 1-3 weeks view, experts had previously noted that the EUR was in a positive trend with potential to reach 1.1070. They identified 1.0955 as a strong support level, which if breached, would signal the end of EUR’s strength. Despite recently reaching 1.1047, the EUR subsequently dropped below the strong support level to 1.0948, indicating the end of the positive trend. The EUR is now expected to enter a consolidation phase and trade within a range of 1.0910 to 1.1045 in the near future.
In conclusion, despite the recent sharp selloff, experts believe that the EUR is unlikely to weaken significantly and may consolidate within a specific range in the upcoming trading sessions. The closest resistance level is at 1.1010, indicating a potential barrier for further upward movement. In the short-term view, the EUR is expected to trade within a range of 1.0945 to 1.1010, while in the 1-3 weeks view, it is likely to consolidate within a broader range of 1.0910 to 1.1045. Traders and investors should monitor these levels closely for potential trading opportunities.
