EUR/USD remains stuck within a broad range – UOB

FX Strategists at UOB Group noted EUR/USD is expected to keep navigating within the 1.0750-1.1000 range in the next weeks.

Key Quotes

24-hour view: “Last Friday, we held the view that EUR “could drift lower but any weakness is viewed as part of a 1.0805/1.0905 range (a clear break below 1.0805 is unlikely”). EUR subsequently dipped to a low of 1.0810 before rebounding to 1.0892 during NY hours. Downward momentum has dissipated, and the current movement is viewed as the early stages of a consolidation phase. In other words, EUR is expected to trade sideways for today, likely between 1.0840 and 1.0910.”

Next 1-3 weeks: “There is not much to add to our update from last Thursday (16 Apr, spot at 1.0890). The recent choppy price actions have resulted in a mixed outlook and EUR could continue to trade in an undecided manner within a broad 1.0750/1.1000 range for a period.”