EUR/USD poised for rangebound between 1.0800/1.0950 – UOB

The pair’s outlook remains on the neutral side in the short term, likely to consolidate between 1.0800 and 1.0950, noted FX Strategists at UOB Group.

Key Quotes

“The sharp decline in EUR over the past couple of days is showing sign of slowing down. This coupled with oversold conditions suggests further sustained weakness is unlikely for today. From here, allow for a dip to 1.0835 but 1.0800 is expected to hold for a bounce to 1.0895/00”.

“The breach of 1.0900 on Tuesday indicates that EUR has made a short-term at 1.1023. The current movement is viewed as the start of a consolidation phase and EUR is expected to trade sideways for now, likely between 1.0800 and 1.0950”.