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In view of FX Strategists at UOB Group, the pair’s stance remains neutral although it could trade at a higher range in the next weeks.

Key Quotes

24-hour view: “While the sharp rise in EUR appears incomplete and further advance is expected from here, the month-to-date high at 1.1790 is likely out of reach for now (1.1760 is already quite a strong level). That said, only a move back below 1.1675 would indicate that the current upward pressure has eased (minor support is at 1.1700)”.

Next 1-3 weeks: “In our last update on 13 Jul (spot at 1.1665), we expected EUR to trade sideways within a 1.1590/1.1760 range. EUR subsequently dipped slightly below the bottom of the expected consolidation range last Thursday (19 July) but rebounded quickly after touching a low of 1.1572. The strong bounce is approaching the top of the range and improved momentum indicators suggest that a move above 1.1760 would not be surprising. That said, any EUR strength is viewed as part of a higher 1.1640/1.1850 range and not the start of a major bullish reversal”.