There appears to be Some Consolidation in the EUR/USD at Present - UOB

EnclaveFX Ltd
Jan 18, 2023

UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang suggest that EUR/USD is now within the 1.0680-1.0880 range.

Quotes of the day

24-hour view: “We expected EUR to ‘trade sideways between 1.0790 and 1.0860’ yesterday. However, EUR rose briefly to 1.0869, dropped sharply to 1.0773, and closed at 1.0788 (-0.26%). The rapid decline in EUR has the scope to extend but is unlikely to break 1.0730 (another support at 1.0760). Resistance is at 1.0815, followed by 1.0840.”

Next 1-3 weeks: “Two days ago (16 Jan, spot at 1.0825), we highlighted that upward momentum is easing and a break of our ‘strong support’ at 1.0760 would indicate that EUR could consolidate first before attempting to advance toward the resistance at 1.0900 later on. EUR dropped to a low of 1.0773 in the NY trade and while our ‘strong support’ level was not breached, upward momentum has more or less faded. In other words, the EUR strength from a week ago has ended, and EUR is likely to consolidate between 1.0680 and 1.0880 for the time being.”


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell these assets. You should do your own thorough research before making any investment decisions. EnclaveFX Ltd does not in any way guarantee that this information is free of mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in the Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses, and costs associated with investing, including the total loss of principal, are your responsibility.

EnclaveFX Ltd and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. EnclaveFX Ltd and the author will not be liable for any errors, omissions, or any losses, injuries, or damages arising from this information and its display or use. The company is not responsible for errors or omissions.