EUR/USD now seen within 1.1220-1.1360 – UOB

Pablo Piovano FXStreet

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.

Key Quotes

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.”

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.

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