EUR/USD neutral stance unchanged – UOB

FX Strategists at UOB Group noted EUR/USD remains sidelined between 1.0550 and 1.0750 in the next 1-3 weeks.

Key Quotes

“The range of 1.0562/1.0654 was reasonably close to our expectation of range trading between 1.0560/1.0670. However, the positive daily close suggests further upside pressure and from here, a move above the 1.0684 high seen on Monday would not be surprising. That said, 1.0700 is a rather strong resistance and a sustained move above this level is not expected for now”.

“The choppy price yesterday reinforces our current neutral view on EUR. While the positive daily closing yesterday appears to be supportive for EUR, only a clear break above 1.0750 would indicate the start of a more significant recovery. In the meanwhile, this pair is expected to continue to trade in a broad 1.0550/1.0750 range”.