EUR/USD: Outlook shifted to neutral – UOB

Pablo Piovano FXStreet

EUR/USD is now seen trading within the 1.2125-1.2220 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “We expected EUR to ‘trade within a range of 1.2155/1.2200’ yesterday. While EUR subsequently traded in a quiet manner, it popped to a high of 1.2218 during NY hours. The advance was however short-lived as EUR dropped back down quickly to end the day little changed at 1.2178 (+0.06%). The price actions have resulted in a mixed outlook. For today, EUR could trade within a 1.2145/1.2220 range.”

Next 1-3 weeks: “Our update from yesterday (09 Jun, spot at 1.2175) still stands. As highlighted, the outlook is neutral and EUR could trade between 1.2125 and 1.2220 for a period of time. Note that EUR rose to 1.2218 before dropping back down quickly. Looking ahead, EUR has to close below 1.2125 or above 1.2220 before a sustained directional move can be expected.”

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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