FX Strategists at UOB Group note the pair remains poised for extra consolidation in the near term. Key Quotes 24-hour view: “We expected EUR to retest the strong 1.1680/90 support zone and the ease of which this level was taken out during NY hours came as a surprise (low of 1.1663). Downward pressure has clearly shifted to the downside but at this stage, it is unclear whether the current decline in EUR can be sustained. That said, barring a move back above 1.1720, we expect EUR to stay under pressure even though any weakness is unlikely to move clearly below the 1.1630 support. The next support is at 1.1590 and this level is not expected to come into the picture for now”. Next 1-3 weeks: “We highlighted yesterday that “EUR could still stage another attempt to break 1.1790 but this has to happen within these 1 to 2 days”. Time has run out for those looking for a higher EUR as the break of the ‘key support’ at 1.1680 suggests that Monday’s (09 Jul) 1.1790 high is a short-term top. At this stage, there is no change to the current neutral outlook but EUR has likely moved into a broad sideway consolidation range. In other words, we expect EUR to trade sideways from here, likely within a 1.1590/1.1760 range”. 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 USD/JPY faces one last resistance line before it can extend its gains Yohay Elam 4 years FX Strategists at UOB Group note the pair remains poised for extra consolidation in the near term. Key Quotes 24-hour view: "We expected EUR to retest the strong 1.1680/90 support zone and the ease of which this level was taken out during NY hours came as a surprise (low of 1.1663). Downward pressure has clearly shifted to the downside but at this stage, it is unclear whether the current decline in EUR can be sustained. That said, barring a move back above 1.1720, we expect EUR to stay under pressure even though any weakness is unlikely to move clearly below… 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.