FX Strategists at UOB Group suggest EUR/USD is still expected to navigate within the 1.1840-1.2000 range in the next weeks.
Key Quotes
24-hour view: “Our view that the ‘bias is for a lower EUR’ was incorrect as it rebounded to 1.1946 during NY session. While upward momentum has not improved by much, the rebound has scope to test 1.1960. The major resistance at 1.2000 is not expected to come into the picture. Support is at 1.1910 followed by 1.1885.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (22 Mar, spot at 1.1890). As highlighted, EUR is ‘likely to trade between 1.1840 and 1.2000 for now’. Looking ahead, the risk for a breach of the bottom of the range first appears to be higher but EUR has to close below 1.1840 before a sustained decline can be expected.”
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