Ella 
After the euro plummeted to a low of 1.0629 last Thursday, we highlighted on Friday that the euro was likely to fall further. We were proven wrong as the euro rallied to highs of 1.0687 before closing at 1.0655 (+0.13%). The euro may have entered a consolidation phase. Today, the euro is likely to trade in a range, possibly between 1.0645 and 1.0695.
Next 1-3 weeks: There wasn’t much to add to last Friday’s (September 15, spot price 1.0640) update. As we have highlighted, the euro has gained momentum sharply after last Thursday’s plunge. Price action suggests the euro has resumed its recent weakness. However, it remains to be seen whether the euro has enough momentum to move lower towards March lows around 1.0515. To maintain this momentum, the euro must remain below the current “strong resistance” level of 1.0730.
