FX Strategists at UOB Group noted EUR/USD still remains side-lined between 1.0730 and 1.0910.
Key Quotes
24-hour view: “Last Friday, we expected EUR to ‘consolidate and trade between 1.0780 and 1.0840’. EUR subsequently dipped to 1.0787, popped back up to 1.0849 before trading sideways for rest of the sessions. Indicators are mostly ‘flat’ and the current movement is viewed as part of a consolidation phase. For today, EUR could continue to trade sideways, likely between 1.0780 and 1.0850.”
Next 1-3 weeks: “We have held the same view for more than a week when we indicated last Wednesday (06 May, spot at 1.0835) that the outlook for EUR is mixed and it is likely to trade in an erratic manner between 1.0730 and 1.0950. While there is no change in our view, the daily ranges over the past several days have been relatively narrow and from here, a 1.0730/1.0910 range could be enough to contain the movement in EUR for a while more.”
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