EUR/USD seen within 1.1200-1.1380 near-term – UOB

FX Strategists at UOB Group expect EUR/USD to navigate within the 1.1200/1.1380 range in the next weeks.

Key Quotes

24-hour view: “EUR rebounded after touching a low of 1.1253 last Friday. Upward momentum has picked up, albeit not by much. From here, there is room for EUR to edge higher towards 1.1345 but a sustained rise above this level is unlikely (next resistance is at 1.1380). On the downside, support is at 1.1285 followed by 1.1260.”

Next 1-3 weeks: “Our latest narrative was from last Tuesday (07 Jul, spot at 1.1320) wherein ‘upward momentum is beginning to pick up but EUR has to close above 1.1380 to indicate that it is ready to move to last month’s top at 1.1422’. EUR rose to a high of 1.1370 on Thursday (09 Jul) before dropping back down quickly. The build-up in momentum has more or less fizzled out and from here; EUR could consolidate between 1.1200 and 1.1380.”