The pair’s outlook remains neutral in the near term and is expected to trade within the 1.1640/1.1850 range, according to FX Strategists at UOB Group.
24-hour view: “EUR traded between 1.1652/1.1717 yesterday, relatively close to our expected 1.1655/1.1725 consolidation range. The daily closing in NY was largely unchanged at 1.1684 (-0.05%) and the current consolidation phase appears to be intact. In other words, further range trading is expected for today albeit likely at slightly lower range of 1.1640/1.1710”.
Next 1-3 weeks: “The price action in EUR over the past couple of days has been relatively muted and there is no further clue. From a longer-term perspective, the neutral phase that started in early June is still intact and we expect it to remain intact unless EUR can break clearly out of the June’s range of 1.1507/1.1851. In view of the recent lackluster price action, this is unlikely to happen any time soon. From a 1-3 weeks perspective, there is a slight upside bias even though any EUR strength is viewed as part of a higher 1.1640/1.1850 consolidation range and a sustained break above 1.1850 seems unlikely”.
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