EUR/USD sticks to the consolidation scheme – UOB

EUR/USD is still expected to navigate the 1.0870-1.1080 range in the next weeks, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “Yesterday, we held the view that EUR ‘is likely to trade sideways within a range of 1.0900/1.1000’. EUR subsequently traded between 1.0924 and 1.1019. The price actions still appear to be part of a consolidation and we expect EUR to trade between 1.0920 and 1.1020 for today.”

Next 1-3 weeks: “There is not much to add to our update from Monday (14 Mar, spot at 1.0930). As highlighted, EUR is likely to trade sideways within a range of 1.0870/1.1080. Looking ahead, if EUR closes below 1.0870, it would likely revisit the major support at 1.0805.”