EUR/USD likely to stay sidelined between 1.1680/1.1780 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group believes the pair could navigate between 1.1680 and 1.1780 in the very near term.

Key Quotes

24-hour view: “While the anticipated extension higher stayed below the strong 1.1810 resistance as expected, the swift and sharp drop from a high of 1.1789 was unexpected. The subsequent swing higher from a low of 1.1661 has resulted in a mixed outlook and further choppy trading within broad range seems likely. Expected range for today, 1.1680/1.1780”.

Next 1-3 weeks: “EUR dipped below the strong 1.1680 support and touched a low of 1.1661 yesterday before staging another strong rebound. As highlighted in the past couple of updates, EUR has to close below 1.1680 to indicate that it has moved into a bearish phase. While the probability for this scenario is not high at this stage, it would remain intact and continue to increase unless EUR can move and stay above 1.1790. A shift to bearish phase would have an immediate target of 1.1580”.

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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