Breaking news
Engrossing selloff looks extreme; as a replace of weakening extra, the Euro (EUR) is likely to consolidate in a unfold of 1.0945/1.1010, or, in the broader fluctuate between 1.0910 and 1.1045, UOB Team Quek Ser Leang and Lee Sue Ann stamp.
Breaking news Closest resistance is at 1.1010
24-HOUR VIEW: “Two days previously, EUR rose sharply to 1.1047 after which pulled support. The day before today, we indicated that ‘the pullback in overbought prerequisites suggests EUR is unlikely to upward push extra.’ We anticipated EUR to ‘change in a sideways fluctuate of 1.0985/1.1045.’ EUR traded sideways until NY shopping and selling, when it sold off sharply, reaching a low of 1.0948. The selloff looks extreme, and EUR is unlikely to weaken valuable extra. Today, EUR is extra likely to consolidate in a unfold of 1.0945/1.1010.”
1-3 WEEKS VIEW: “Our most latest narrative used to be from two days previously (14 Aug, keep at 1.0990), wherein EUR ‘is smooth certain, and the following stage to stare is 1.1070.’ We highlighted that ‘handiest a breach of 1.0955 (‘sturdy make stronger’) would point out that the EUR power that started early final week (seek annotations in the chart under) has attain to an cease.’ EUR therefore rose to 1.1047 and, the day before today, it plummeted and broke under our ‘sturdy make stronger’ stage of 1.0955 (low has been 1.0948). The worth action suggests that the EUR power has ended. EUR has likely entered a consolidation share. For the time being, it is likely to change between 1.0910 and 1.1045.”
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