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FX Strategists at UOB Group keep seeing EUR/USD within a sideline theme in the very near term.

Key Quotes

24-hour view: “Expectation for EUR to “edge higher” did not materialize as it traded in a narrow 30 pips range of 1.1029/1.1059 before ending the day little changed at 1.1043 (-0.03%). Momentum indicators are mostly ‘neutral’ and further sideway trading would not be surprising. Expected range for today, 1.1025/1.1065″.

Next 1-3 weeks: “EUR rebounded and closed slightly higher yesterday (1.1047, +0.17%). The price action offers no fresh clues and we continue to hold on to our view from last Thursday (05 Sep, spot at 1.1035) wherein EUR is “expected to trade sideways”. While the immediate bias appears to be tilted the upside, any advance is likely limited to a test of the top of the expected 1.0980/1.1110 sideway trading range (narrowed from 1.0950/1.1110 previously)”.