EUR/USD faces consolidation near term – UOB

FX Strategists at UOB Group expects EUR/USD to start a consolidative phase in the next weeks.

Key Quotes

“While we indicated yesterday that the pull-back from the 1.0825/30 high two weeks ago is trying to form a base, the rapid rise that easily took out the strong 1.0640 resistance came as a surprise (overnight high of 1.0680)”.

“Downward pressure has clearly eased and the current movement is viewed as the early stages of a consolidation phase. That said, the immediate bias is for a probe higher towards the top-end of the expected 1.0580/1.0750 consolidation range”.