EUR/USD still seen within the 1.1700-1.1800 range – UOB

In opinion of FX Strategists at UOB Group, EUR/USD remains poised to keep the consolidation between 1.1700 and 1.1800 in the next weeks.

Key Quotes

24-hour view: “Our expectations for EUR to ‘trade between 1.1720 and 1.1760’ last Friday was incorrect as it slipped to 1.1690 before settling at 1.1714 (-0.19%). Despite the decline, downward momentum has not improved by much and EUR is likely to trade between 1.1700 and 1.1745 for today.”

Next 1-3 weeks: “There is no change in our view from last Friday (24 Sep, spot at 1.1745). As highlighted, the recent weak phase in EUR has ended and EUR is likely to trade between 1.1700 and 1.1800 for now. While EUR subsequently dropped to 1.1699, downward momentum has not improved. That said, looking ahead, the downside risk is greater but EUR has close below 1.1680 before a sustained decline can be expected.”