In opinion of FX Strategists at UOB Group, the pair remains poised for further rangebound, likely between 1.0700 and 1.0840.
“In line with expectations, EUR extended its down-move but did not have enough momentum to threaten the solid support at 1.0700. The rapid recovery from the low of 1.0711 appears to have scope to extend higher but last week’s peak near 1.0825/30 is acting as a rather strong resistance and this level is unlikely to yield so easily”.
“The recent short-term upward pressure has eased and EUR has likely moved into a 1.0700/1.0830 consolidation phase. Looking further ahead, the upside appears to be more vulnerable even though this pair has to ‘punch above’ 1.0840 or the recent lackluster price action would likely persist”.
You may be interested
Buy Bitcoins in Europe With Bitmoney.euBrian Evans - Aug 10, 2017
Want to purchase bitcoins? Look no further! Buying bitcoins has never been easier, with Bitmoney.eu. Bitmoney.eu makes the process of buying Bitcoin easy and efficient, saving customers…
Goldman Sachs: ‘Real Dollars Are at Work’ in Cryptocurrency MarketsBrian Evans - Aug 10, 2017
Goldman Sachs has published a question-and-answer report focused on cryptocurrencies in which it suggests that clients should be keeping a closer eye on the market. According to…
Bitcoin’s Present Bubble Might Actually be the Beginning of Mainstream AdoptionBrian Evans - Aug 09, 2017
Bitcoin’s enthusiasts are torn between whether to celebrate Bitcoin’s arrival in the foothills of mass adoption, or to lament the upcoming burst that always happens with asset…