EUR/USD has a chance to pull back further toward 1.0725 – UOB Group

Euro (EUR) is likely to trade in a 1.0765/1.0820 range. In the longer run, EUR could pull back further; it does not appear to have enough momentum to break clearly below 1.0725, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

EUR is likely to trade in a 1.0765/1.0820 range

24-HOUR VIEW: "Yesterday, EUR traded within a 1.0774/1.0830 range, closing largely unchanged (-0.08%) at 1.0791. While the price action is likely part of a consolidation phase, the soft underlying tone suggests EUR is likely to trade in a lower range of 1.0765/1.0820 range today."

1-3 WEEKS VIEW: "While the current pullback from last week’s high of 1.0954 has not stabilised, downward momentum is not strong. However, as long as EUR remains below 1.0860, EUR could pull back further toward 1.0725. Currently, it does not appear to have enough momentum to break clearly below this support level."