EUR/USD: Further consolidation likely below 1.0760 – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We highlighted last Friday that ‘despite the relatively large gains, momentum has not improved by much’. We added, ‘the risk for EUR is still on the upside even though 1.0900 is expected to offer solid resistance’. However, EUR did not challenge 1.0900 as it dropped from 1.0867 to 1.0778 before closing at 1.0828 . The price actions appear to be part of a consolidation phase. Today, EUR is likely to trade sideways between 1.0780 and 1.0870.
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