EUR/USD has been looking for a new direction. Where will it go?
Here is their view, courtesy of eFXdata:
UOB Research discusses the EUR/USD technical outlook and adopts a neutral bias in the near-term.
“EUR/USD is expected to trade sideways for now. We highlighted the “quick loss in downward momentum” yesterday (02 Oct, spot at 1.0930) and held the view that the “odds for further EUR weakness have diminished”. The subsequent breach of the 1.0960 ‘strong resistance’ level ‘confirms’ that the weak phase that started earlier last week has run its course,” UOB notes.
“The current movement is viewed as the early stages of a consolidation phase and for a couple of weeks, EUR is expected to trade sideways between 1.0890 and 1.1025,” UOB adds.
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