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.”
