In opinion of FX Strategists at UOB Group, EUR/USD is now seen within the 1.1840-1.2030 range in the next weeks.
Key Quotes
24-hour view: “We expected EUR to ‘trade sideways within a 1.1900/1.1960 range’ yesterday. However, it briefly dropped to 1.1881 before rebounding to close at 1.1900 (-0.23%). Downward momentum has improved a tad and EUR could dip below 1.1880. The next support at 1.1840 is not expected to come into the picture. On the upside, a break of 1.1960 (minor resistance is at 1.1940) would indicate that the downside risk has dissipated.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (16 Mar, spot 1.1925). As highlighted, EUR is likely to trade sideways for now, expected to be between 1.1840 and 1.2030. Looking forward, the downside risk appears to be greater but EUR has to close below 1.1840 before a sustained decline can be expected.”
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