EUR/USD keeps the broad 1.1120/1.1290 range – UOB

The research team at UOB Group expects EUR/USD to navigate within the 1.1120/1.1290 range in the next weeks, keeping its neutral stance unchanged.

Key Quotes

“In line with expectation, EUR staged another leg lower to 1.1175/80 (low of 1.1179) before rebounding. The recovery from the low appears to have scope to extend higher but at this stage, a move beyond the strong 1.1255 resistance seems unlikely”.

“The neutral phase in EUR that started last Friday is still clearly intact. At this stage, there is no pre-indication that this pair is about to break out of the expected sideway trading range of 1.1120/1.1290”.