FX Strategists at UOB Group expect EUR/USD to attempt some consolidation ahead of a potential move to the 1.1240 region. Key Quotes 24-hour view: “EUR dipped below the bottom of our expected sideway-trading range of 1.1100/1.1190 (low of 1.1093) before soaring to an overnight high of 1.1212. Despite the strong advance, momentum is ‘overstretched’ and further strong gain is unlikely. That said, EUR could move above the overnight high but the late December peak of 1.1239 is likely out of reach. Support is at 1.1130 followed by 1.1100.” Next 1-3 weeks: “We indicated yesterday (02 Mar, spot at 1.1040) that that ‘the rapid improvement in momentum suggests a move above 1.1096 would not be surprising and if EUR can register a NY closing above this level, it could continue to advance towards 1.1170’. The scenario was supposed to take a few days to evolve but EUR blast past 1.1096 and cracked 1.1170 with a few hours (overnight high of 1.1185). Now that 1.1170 is breached, the focus has shifted to the late December high of 1.1239. The prospect for a move to this level is not low but EUR is likely to take a breather and consolidate for a couple of days first before making a move towards 1.1239. On the downside, the ‘strong support’ level has moved higher to 1.1000 from yesterday’s level of 1.0940.” FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next Binance went offline and dragged Bitcoin down FX Street 3 years FX Strategists at UOB Group expect EUR/USD to attempt some consolidation ahead of a potential move to the 1.1240 region. Key Quotes 24-hour view: “EUR dipped below the bottom of our expected sideway-trading range of 1.1100/1.1190 (low of 1.1093) before soaring to an overnight high of 1.1212. Despite the strong advance, momentum is ‘overstretched’ and further strong gain is unlikely. That said, EUR could move above the overnight high but the late December peak of 1.1239 is likely out of reach. Support is at 1.1130 followed by 1.1100.” Next 1-3 weeks: “We indicated yesterday (02 Mar, spot at 1.1040) that… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.