FX Strategists at UOB Group noted EUR/USD is expected to maintain the current consolidative mood for the time being.
Key Quotes
24-hour view: “After rising rapidly last Thursday, EUR traded in quiet manner and within a narrow range (between 1.0917 and 1.0951) on Friday. The consolidation has resulted in a rapid loss in momentum and the risk for a sustained advance in EUR for today is low. EUR is more likely to drift lower but any weakness is viewed as part of 1.0880/1.0950 range (a clear break of 1.0880 is not likely for today).”
Next 1-3 week: “There is not much to add to the update from last Wednesday (08 Apr, spot at 1.0890). As highlighted, EUR has moved into a consolidation phase and is expected to trade between 1.0750 and 1.1000 for a period. After the rapid but short-lived swings over the several weeks, the overall outlook is mixed for now.”
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