FX Strategists at UOB Group expect EUR/USD to remain within the broad 1.0730 and 1.0950 for the time being.
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.”
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