In opinion of FX Strategists at UOB Group, EUR/USD is now expected to navigate between 1.1790 and 1.1895 for the next weeks.
24-hour view: “EUR traded between 1.1823 and 1.1881 last Friday, slightly higher than our expected range of 1.1820/1.1875. Upward momentum has improved a tad and EUR could edge higher to test 1.1895 but a sustained rise above this level is unlikely. The next resistance at 1.1930 is not expected to under threat. Support is at 1.1845 followed by 1.1825.”
Next 1-3 weeks: “There is not much to add to our update from last Friday (09 Jul, spot at 1.1845). As highlighted, the recent weak phase in EUR has ended and the current movement is viewed as part of a consolidation phase and EUR is likely to trade between 1.1790 and 1.1895 for now.”
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