FX Strategists at UOB Group reiterated the mixed prospects for EUR/USD in the near term.
Key Quotes
24-hour view: “EUR had a quiet day yesterday, trading between 1.0839 and 1.0896, narrower than our expected sideway-trading range of 1.0840/1.0910. The price action offers no fresh clues and the current movement is still viewed as an on-going consolidation phase. In other words, EUR is expected to continue to trade sideways for now, likely between 1.0830 and 1.0900.”
Next 1-3 weeks: “The recent choppy price actions have resulted in a mixed outlook and EUR could continue to trade in an undecided manner within a broad 1.0750/1.1000 range for a period.”
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