EUR/USD is still expected to navigate the 1.0870-1.1080 range in the next weeks, suggested FX Strategists at UOB Group.
24-hour view: “Yesterday, we held the view that EUR ‘is likely to trade sideways within a range of 1.0900/1.1000’. EUR subsequently traded between 1.0924 and 1.1019. The price actions still appear to be part of a consolidation and we expect EUR to trade between 1.0920 and 1.1020 for today.”
Next 1-3 weeks: “There is not much to add to our update from Monday (14 Mar, spot at 1.0930). As highlighted, EUR is likely to trade sideways within a range of 1.0870/1.1080. Looking ahead, if EUR closes below 1.0870, it would likely revisit the major support at 1.0805.”
EUR/USD approaches 1.1000 as softer yields weigh on USD, focus on Fed, Ukraine.EUR/USD prints three-day winning streak, mildly bid around daily highs of late. Receding covid fears from China, mixed concerns over Moscow-Kyiv talks drag Treasury yields, greenback. Softer Eurozone data contrasts mixed US economics, pre-Fed anxiety add to the market’s filters.
GBP/USD bears on the prowl, 1.30 vulnerable.GBP/USD is stalling in the sell-off as the price moves into what could be deemed as a solid longer-term demand area. However, there is room to go with 1.2850 in focus for the days and weeks ahead. In the meantime, there are prospects of a bullish correction as per the daily chart.
Gold (XAU/USD) is falling sharply as investors are dumping the asset on skyrocketing odds of an interest rate hike by the Federal Reserve (Fed). The precious metal is hovering around $1,917.00 on Wednesday. Gold prices have witnessed a fall of almost 7.4% from their recent highs at $2,070.54 last week.