EUR/USD: In Consolidation Phase For Next Couple Of Weeks; Sideways Between 1.0890 and 1.1025 – UOB

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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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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.