EUR/USD sticks to the neutral bias near term – UOB

In opinion of FX Strategists at UOB Group, the pair’s outlook should stay neutral in the short term horizon.

Key Quotes

24-hour view: “In line with expectation, EUR traded sideways yesterday albeit at a narrower range than anticipated. The daily closing is largely unchanged and indicators are mostly ‘flat’ which suggests further sideway-trading from here. Expected range for today; 1.1925/1.1.1995”.

Next 1-3 weeks: “EUR hit a high of 1.1985 last Friday, holding below the key short-term resistance of 1.1995. As highlighted in recent updates, the current weak undertone is deemed as intact unless there is a move above 1.1995. In other words, another leg lower towards 1.1820 is not ruled out just yet but the odds for such a move have diminished”.