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- Further rangebound seen in EUR/USD – UOB
Further rangebound seen in EUR/USD – UOB
FX Strategists at UOB Group expect EUR/USD to extend the ongoing sideline trading in the next weeks.
24-hour view: “Instead of “drifting lower”, EUR traded in a quiet manner and registered an ‘inside day’. Momentum indicators are most ‘neutral’ which suggest EUR could continue to trade sideways for now. Expected range for today, 1.1015/1.1075”.
Next 1-3 weeks: “EUR traded in a quiet manner and ended the day little changed at 1.1040 (+0.09%). The price action offers no fresh clues and for now, our view from one week ago (13 Sep, spot at 1.1055) wherein EUR is expected “trade sideways” still stands. From here, EUR could continue to trade within the broad 1.0925/1.1130 range for a while more. Looking forward, EUR has to register a NY close out of the expected range before a more sustained directional price action can be expected”.
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