In opinion of FX Strategists at UOB Group, EUR/USD is expected to keep the rangebound trading within the 1.0840/1.1200 area.
Key Quotes
24-hour view: “EUR rose to 1.1146 last Friday before ending the day on a strong note at 1.1140 (+1.02%). The rally appears to be running ahead of itself. While EUR could move above the 1.1150 level and move towards 1.1200, a sustained advance above 1.1200 appears unlikely for today. Support is at 1.1050; a breach of 1.1010 would indicate the current rally has run out of steam.”
Next 1-3 weeks: “The breach of our 1.0940 ‘strong resistance’ was not exactly unexpected but the manner by which EUR surged to a high of 1.1058 yesterday came as a surprise. After dropping sharply last week, the rapid upswing from Monday’s (23 Mar) low of 1.0635 has resulted in a mixed outlook. Near-term, the bias is tilted to the upside but for now, we view any advance in EUR as part of broad 1.0840/1.1200 range.”
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