EUR/USD rangebound between 1.1655/1.1860 – UOB

In opinion of FX Strategists at UOB Group, spot remains poised to keep the sideline theme between 1.1655 and 1.1860.

Key Quotes

24-hour view: “We expected EUR to “drift lower towards 1.1700” yesterday but it recovered after touching a low of 1.1712. The mild downward pressure has eased and EUR is expected to consolidate at these lower levels, likely between 1.1710 and 1.1770”.

Next 1-3 weeks: “EUR surrendered some of the gains made last week but the decline clearly lacks momentum. We continue to view the current price action as part of a neutral consolidation phase. In other words, EUR is expected to trade sideways for now, likely within a broad 1.1655/1.1860 range”.