EUR/USD keeps the mixed outlook unchanged – UOB
|FX Strategists at UOB Group expect EUR/USD to remain within the broad 1.0730 and 1.0950 for the time being.
Key Quotes
24-hour view: “EUR traded between 1.0799 and 1.0850 yesterday, lower and narrower than our expected 1.0805/1.0885 range. The daily closing in NY is on the soft side (1.0806, -0.31%) and downward momentum is beginning to build up. From here, EUR is likely to drift lower but for today, a break of last week’s 1.0765 low is unlikely (minor support is at 1.0780). On the upside, a move above 1.0845 would indicate the current mild downward pressure has eased (minor resistance is at 1.0825).”
Next 1-3 weeks: “There is not much to add to our update from Wednesday (06 May, spot at 1.0835). As highlighted, the recent sharp but short-lived swings have resulted in a mixed outlook. From here, EUR could continue to trade in an erratic manner and within a relatively broad range of 1.0730/1.0950 for a period.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.