Ella 
174
We emphasized yesterday that the euro may rebound further, but “it is unlikely to hit the important resistance level of 1.0820. Another resistance is at 1.0780.” Our expectations were not fully realized. The euro once fell to 1.0704, then rebounded to 1.0768 and closed flat at 1.0752 (+0.04%). Slightly firmer momentum indicators continue to suggest the euro may rebound further. However, important resistance at 1.0820 may remain out of reach. Support lies at 1.0735, followed by 1.0715.
Next 1-3 weeks: Not much to add to our update yesterday (September 12, spot price 1.0750). As we have highlighted, the euro’s recent weakness has stabilized. The euro is likely to trade within a range from now on, possibly between 1.0690 and 1.0820.
