EUR/USD could still visit 1.0620 – UOB – by pabspiovano EURUSD Currencies Majors Banks
24-hour view: “We highlighted yesterday that EUR ‘appears to have moved into a consolidation phase’ and expected it to ‘trade sideways between 1.0455 and 1.0560’. Our view for consolidation was not wrong even though EUR traded within a narrower range than expected . The underlying has softened and while EUR is likely to edge lower, it is unlikely to break the strong support at 1.0420. Resistance is at 1.0495, a breach of 1.0530 would indicate the current mild downward pressure has eased.
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