FXStreet — The perspective for the currency pair remains neutral. The market analysts of the Japanese UOB Bank see it this week in a sideways range between 111,80 and 113,50.
The USD went on Friday first, to dive and reached a Low of 112,06. Then, it came to a rest on 112,71 (just below the High of 112,81). The US dollar extended gains in early Asian business and marked a High of 113,10. The recent USD strength is likely to soon grind to a halt, and during a course of movement can not be excluded on 113,10, a close above this level than unlikely (next resistance lies at 113,35).
The bullish Phase, which on 26. April began, was completed, as the USD triggered on Friday the Stop-Loss at 112,20. Despite the recovery in the share price this Morning (High of 113,10), is the upward momentum is not strong enough and we evaluate the current course development as part of a consolidation phase between 111,80 and 113,50.
** FXStreet News Editorial, FXStreet**