In view of FX Strategists at UOB Group, EUR/USD is seen navigating the 1.1160/1.1300 range in the next weeks.
Key Quotes
24-hour view: “Expectation for EUR to “dip below the strong 1.1200 support” did not materialize as it traded within a tight range of 1.1204/1.1225. The underlying tone still appears soft and from here, EUR could drift towards 1.1195. The next support at 1.1180 is a stronger level and is unlikely to yield. Resistance is at 1.1225 but the stronger level is at 1.1240″.
Next 1-3 weeks: “EUR traded in a very tight range of 21 pips yesterday (between 1.1204 and 1.1225). This is the smallest 1-day range since April 2014. We continue to hold the same view wherein the “outlook for EUR is mixed” and it is “likely to trade sideways in an ‘undecided’ manner”. For now, a 1.1160/1.1300 range is likely enough to contain the price action in EUR, at least for several more days”.
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