FX Strategists at UOB Group remain neutral on spot, which is likely to trade within 1.1740 and 1.1940 in the next weeks.
Key Quotes
24-hour view: “Expectation for a stronger recovery yesterday was wrong as EUR slipped to an overnight low of 1.1799 before recovering. Despite the bounce from the low, the undertone is still soft and a retest of the 1.1800 level would not be surprising. That said, a sustained move below this level is not expected (there is another strong support near 1.1780). Resistance is at 1.1855 but only a move back above 1.1880 would indicate the immediate downward pressure has eased”.
Next 1-3 weeks: “The mild upward pressure highlighted in recent updates has eased as EUR slipped below the key short-term support at 1.1805 yesterday (low of 1.1799). The neutral phase that started 3 weeks ago remains intact and from here, EUR is expected to trade sideways, likely within a relatively broad 1.1740/1.1940 range”.
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