EUR/USD now seen between 1.2060-1.2230 – UOB

Pablo Piovano FXStreet

UOB Group’s FX Strategists now see EUR/USD navigating within the 1.2060-1.2230 range in the next weeks.

Key Quotes

24-hour view: “We expected EUR to strengthen yesterday but we were of the view that ‘1.2230 is unlikely to come into the picture’. However, EUR soared to 1.2242 before selling-off sharply. The rapid decline has scope to extend lower but any weakness is likely limited to a test of 1.2100 (minor support is at 1.2125). Resistance is at 1.2185 followed by 1.2205.”

Next 1-3 weeks: “We highlighted yesterday (25 Feb, spot at 1.2165) that ‘shorter-term momentum has improved but EUR has to close above 1.2200 before a sustained advance can be expected’. EUR subsequently rose to 1.2242 before dropping sharply to end the day at 1.2176. The build-up in momentum has fizzled out and EUR is likely to trade between 1.2060 and 1.2230 for now.”

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 looks sidelined around 1.1850

EUR/USD remains on the back foot, extending its bearish tone and sliding towards the 1.1850 area to print fresh daily lows on Monday. The move lower comes as the US Dollar gathers modest traction, with thin liquidity and subdued volatility amplifying price swings amid the US market holiday.

GBP/USD flirts with daily lows near 1.3630

GBP/USD has quickly given back Friday’s solid gains, turning lower at the start of the week and drifting back towards the 1.3630 area. The focus now shifts squarely to Tuesday’s UK labour market report, which is likely to keep the quid firmly in the spotlight and could set the tone for Cable’s next move.

Gold battle around $5,000 continues

Gold is giving back part of Friday’s sharp rebound, deflating below the key $5,000 mark per troy ounce as the new week gets underway. Modest gains in the US Dollar are keeping the metal in check, while thin trading conditions, due to the Presidents Day holiday in the US, are adding to the choppy and hesitant tone across markets.

Bitcoin consolidates as on-chain data show mixed signals

Bitcoin price has consolidated between $65,700 and $72,000 over the past nine days, with no clear directional bias. US-listed spot ETFs recorded a $359.91 million weekly outflow, marking the fourth consecutive week of withdrawals.

The week ahead: Key inflation readings and why the AI trade could be overdone

It is likely to be a quiet start to the week, with US markets closed on Monday for Presidents Day. European markets are higher across the board and gold is clinging to the $5,000 level after the tamer than expected CPI report in the US reduced haven flows to precious metals.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.