EUR/USD keeps the neutral outlook so far – UOB

Pablo Piovano FXStreet

FX Strategists noted EUR/USD’s outlook remains neutral for the time being.

Key Quotes

24-hour view: “EUR traded within a range of 32 pips (between 1.2162 and 1.2194) yesterday, its smallest 1-day range in about four months. Not surprisingly, momentum and other indicators are mostly ‘flat’. In other words, EUR could continue to trade in a quiet manner, albeit likely within a wider range of 1.2155/1.2200.”

Next 1-3 weeks: “The rapid decrease in volatility the past couple of days have resulted in a neutral outlook for EUR. From here, EUR could trade between 1.2125 and 1.2220 for a period of time. Looking ahead, the chance for a break of 1.2125 first is slightly higher but at this stage, the chance for a breach of the major support at 1.2100 is not high.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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