FX Strategists at UOB Group remain neutral on EUR/USD for the time being.
24-hour view: “EUR traded sideways between 1.1251 and 1.1284 yesterday, a narrower range than our expected 1.1245/1.1290. The quiet price action offers no fresh clue and further sideway trading is expected, albeit likely at a lower range of 1.1240/1.1280”.
Next 1-3 weeks: “EUR did not do much last Friday, dipping to 1.1236 before recovering to end the day slightly higher at 1.1269 (+0.15%). For now, we continue to hold the same view from last Thursday (11 Jul, spot at 1.1255) wherein EUR is expected to trade sideways between 1.1200 and 1.1310. At this stage, there is no early indication on which side of the range is more ‘vulnerable’.
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