FX Strategists at UOB Group noted the positive phase in EUR/USD seems to have ended and is now expected to trade sideways in the next weeks. Key Quotes 24-hour view: “Our expectation for EUR to ‘head higher to 1.2360’ was wrong as it plunged to 1.2243 after touching a high of 1.2345. The rapid decline appears to be running ahead of itself but there is scope for EUR to test 1.2225 first before the current weakness should stabilize. Resistance is at 1.2295 followed by 1.2320.” Next 1-3 weeks: “The sudden sharp drop in EUR came as a surprise. While our ‘strong support’ level at 1.2240 is still intact (overnight low of 1.2243), upward momentum has dissipated. In other words, the positive phase in EUR that started earlier this week has come to an end (we were expecting a move to 1.2360). The current movement is viewed as the early stages of a consolidation and EUR is expected to trade between 1.2195 and 1.2350 for a period of time.” 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 Gold Futures: Extra losses look limited FX Street 11 months FX Strategists at UOB Group noted the positive phase in EUR/USD seems to have ended and is now expected to trade sideways in the next weeks. Key Quotes 24-hour view: “Our expectation for EUR to ‘head higher to 1.2360’ was wrong as it plunged to 1.2243 after touching a high of 1.2345. The rapid decline appears to be running ahead of itself but there is scope for EUR to test 1.2225 first before the current weakness should stabilize. Resistance is at 1.2295 followed by 1.2320.” Next 1-3 weeks: “The sudden sharp drop in EUR came as a surprise. While our… Top 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.
