In opinion of FX Strategists at UOB Group, EUR/USD is now expected to navigate within the 1.1220-1.1360 range in the next weeks.
24-hour view: “EUR traded between 1.1257 and 1.1314 yesterday, relatively close to our expected sideway-trading range of 1.1260/1.1325. The underlying tone has improved somewhat and the bias is for today is tilted to the upside. That said, a clear break of 1.1325 is unlikely. Support is at 1.1275 but only a breach of 1.1260 would indicate that the current mild upward pressure has eased.”
Next 1-3 weeks: “There is no change in our view from yesterday (29 Nov, spot at 1.1290). As highlighted, EUR has moved into a consolidation phase and is likely to trade between 1.1220 and 1.1360 for now.”
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