EUR/USD remains consolidative within 1.1240-1.1395 – UOB
|FX Strategists at UOB Group suggested EUR/USD is still expected to navigate within the 1.1240-1.1395 range in the next weeks.
Key Quotes
24-hour view: “EUR traded between 1.1283 and 1.1331 yesterday, narrower than our expected sideway-trading range of 1.1280/1.1340. The quiet price actions offer no fresh clues and further sideway-trading would not be surprising. Expected range for today, 1.1275/1.1335.”
Next 1-3 weeks: “On Tuesday (04 Jan, spot at 1.1305), we highlighted that the outlook for EUR is unclear and we expected EUR to trade between 1.1240 and 1.1395. EUR traded in a subdued manner the past couple of days and there is no change in our view for now. Looking ahead, the downside risk appears to be a tad higher but at this stage, there is no early indication that EUR is ready to move either direction in a sustained manner.”
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