EUR/USD neutral, between 1.1140/1.1265 near term – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group remain neutral on the pair, expected to navigate between 1.1140 and 1.1265 in the next weeks.

Key Quotes

“The target indicated at 1.1105/10 last Friday was not reached as EUR rebounded swiftly from a low of 1.1137. The strong recovery suggests that a short-term low is in place. That said, the up-move appears to be running ahead of itself and a sustained move above 1.1235 is not expected (next resistance is at 1.1265). Support is at 1.1160 followed by the low near 1.1135/40 (which is not expected to come into the picture for today)”.

“We indicated last Friday that EUR is expected to stay under pressure unless it can move and stay above 1.1210. The unexpected rapid rebound just edged above 1.1210 at the time of writing (high of 1.1212) and the downward pressure has eased. That said, the outlook for EUR is still deemed as neutral but this pair is more likely to trade sideways between 1.1140 and 1.1265 for now (instead of extending lower to 1.1105/10 as previously expected). Looking further ahead, the direction of the next sustained move is unclear and only a break of 1.1105 or 1.1300 would give us a clearer indication”.

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.

EUR/USD slumps below 1.1800 on hawkish Fed Minutes, eyes on ECB succession

The EUR/USD pair tumbles to a near two-week low around 1.1785 during the early Asian session on Thursday. The US Dollar strengthens against the Euro on hawkish FOMC minutes that revived speculation about potential interest rate hikes if inflation remains elevated.

GBP/USD extends decline as weak jobs data bolsters BoE rate cut bets

The Pound Sterling continued to backslide under sustained pressure on Wednesday, following through after the UK employment report on Tuesday showed a labour market deteriorating faster than expected.

Gold rises above $4,950 as US-Iran tensions boost safe-haven demand

Gold price holds positive ground near $4,985 during the early Asian session on Thursday. The precious metal recovers amid shifts in geopolitical sentiment, boosting safe-haven demand. Traders will keep an eye on the release of US Initial Jobless Claims, Pending Home Sales data, and the Fedspeak later on Thursday.

Zora launches attention markets on Solana network

Zora has launched a new attention markets feature on the Solana network, allowing users to trade and speculate on emerging online cultural trends.

Mixed UK inflation data no gamechanger for the Bank of England

Food inflation plunged in January, but service sector price pressure is proving stickier. We continue to expect Bank of England rate cuts in March and June. The latest UK inflation read is a mixed bag for the Bank of England, but we doubt it drastically changes the odds of a March rate cut.

Sui extends sideways action ahead of Grayscale’s GSUI ETF launch

Sui is extending its downtrend for the second consecutive day, trading at 0.95 at the time of writing on Wednesday. The Layer-1 token is down over 16% in February and approximately 34% from the start of the year, aligning with the overall bearish sentiment across the crypto market.