EUR/USD aims for rangebound between 1.0635/1.0780 – UOB

EUR/USD keeps the neutral stance in the near term and would likely navigate between 1.0635 and 1.0780, according to FX Strategists at UOB Group.

Key Quotes

“While EUR hit the ‘rebound target’ of 1.0770 as expected (high of 1.0777), the sharp and swift pull-back from the top came as a surprise”.

“Upward momentum has been dented and this pair has likely moved into a consolidation phase and is expected to trade within a 1.0635/1.0780 range”.

“Looking further ahead, the bias is tilted to the upside but 1.0775/80 is acting as a very strong resistance and only a clear break of this level would indicate a move towards 1.0825 has started”.