FX Strategists at UOB Group remain neutral on the pair, although a test of 1.0825 has not been ruled out in the near term.
“Instead of extending higher as expected, EUR eased off and traded mostly sideways. The current movement is viewed as part of a consolidation phase even though the immediate bias is for probe lower towards the bottom of the expected 1.0680/1.0735 sideway trading range”.
“There is not much to add as we continue to expect the immediate EUR strength to extend higher towards 1.0770 (with much lower odds for further extension to 1.0825). Only a move back below 1.0635 would indicate that the immediate upward pressure has eased”.
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