EUR/USD neutral near term, between 1.0520 and 1.0720 – UOB

EUR/USD’s outlook stays on the neutral side for the time being and is expected to navigate within the 1.0520/10720 range, suggested FX Strategists at UOB Group.
Key Quotes
“While we indicated that EUR has made a short-term top yesterday, the sharp and rapid decline to a low of 1.0597 was unexpected. The down-move appears to be running ahead of itself but another leg lower to test last Friday’s low near 1.0565/70 would not be surprising. At this stage, a sustained move below this level is not expected”.
“The ease of which the strong 1.0615 support was taken out came as a surprise (overnight low of 1.0597). The recent build-up in upward momentum has fizzled out and EUR is deemed to have moved back into a range, likely between 1.0520 and 1.0720”.
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.

















