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FX Strategists at UOB Group forecast EUR/USD to extend the consolidation between 1.2150 and 1.2265 in the near-term.

Key Quotes

24-hour view: “We expected EUR to ‘trade sideways within a 1.2195/1.2240 range’ yesterday. However, EUR dropped to 1.2162 before snapping back up. The outlook is mixed and EUR could trade between 1.2180 and 1.2235 for today.”

Next 1-3 weeks: “Our narrative from 2 days ago (01 Jun, spot at 1.2225) still stands. As highlighted, EUR is likely to trade between 1.2150 and 1.2265. Shorter-term outlook is mixed and looking ahead, EUR has to close below 1.2150 or above 1.2265 before a sustained directional move can be expected.”