EUR/USD keeps the neutral outlook near term – UOB

The research team at UOB Group expects EUR/USD to remain sidelined between 1.1080/1.1260 in the next weeks.

Key Quotes

“EUR spiked to a high of 1.1251 but the up-move was shortlived. The subsequent sharp plunge from the top appears to have scope to extend lower but any weakness is unlikely to have enough momentum to threaten the 1.1120/25 low seen last week”.

“The recent bearish phase has ended with the breach of 1.1210 last Friday as EUR rallied briefly to a high of 1.1251. The choppy price action has resulted in a mixed outlook and in the next couple of weeks, we expect EUR to trade sideways and only a clear break out of the expected 1.1080/1.1260 consolidation range would indicate the start of a sustained directional move”.