Expert Analysis: Euro (EUR) Expected to Consolidate in the Midst of Sharp Selloff
Euro Faces Resistance at 1.1010
After a recent sharp selloff, the Euro (EUR) is projected to consolidate within a range of 1.0945 and 1.1010, according to UOB Group analysts Quek Ser Leang and Lee Sue Ann.
24-Hour View:
Following a pullback from a high of 1.1047, the EUR is expected to trade sideways between 1.0945 and 1.1010. The recent selloff is deemed excessive, indicating limited downside potential for the EUR.
1-3 Weeks View:
Despite a previous positive outlook, the EUR experienced a significant drop below the strong support level of 1.0955. This suggests a shift in market sentiment and a potential consolidation phase between 1.0910 and 1.1045.
Analysis:
In summary, the Euro (EUR) is facing resistance at 1.1010 following a sharp selloff. While short-term consolidation is expected between 1.0945 and 1.1010, a broader range of 1.0910 to 1.1045 may come into play. Traders and investors should monitor key support and resistance levels to gauge potential market movements and adjust their strategies accordingly.