EUR/USD expected to visit 1.1665/70 band – UOB
|FX Strategists at UOB Group remain neutral on spot and expect it to re-visit the 1.1665/70 band in the next weeks.
Key Quotes
24-hour view: “We expected a lower EUR yesterday but highlighted that 1.1730 is “unlikely to yield so easily”. EUR dipped briefly to touch 1.1723 before rebounding quickly. While downward pressure has eased with the recovery, it is too early to expect a sustained up-move. EUR is more likely to trade sideways at these lower levels, likely between 1.1730 and 1.1780”.
Next 1-3 weeks: “EUR has been trading within a 1.1730/1.1880 range for about 2 weeks now. Despite the consolidation, the undertone has weakened somewhat and the immediate pressure is on the downside. That said, downward momentum is patchy at best and any weakness is expected to be gradual and is likely limited to a test of the 1.1665/70 low seen earlier this month (minor support is at 1.1730). Overall, this pair is expected to stay under pressure unless it can reclaim the strong 1.1860 resistance (minor resistance is at 1.1820)”.
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