EUR/USD stuck within the 1.0990-1.1170 range – UOB

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang suggest EUR/USD is likely to trade between 1.0900 and 1.1170 for the time being.

Key Quotes

24-hour view: “We highlighted last Friday that EUR ‘could decline further to 1.1035 but the major support at 1.0990 is unlikely to come under threat’. Our view was not wrong as EUR dropped to a low of 1.1026 before settling at 1.1053 (-0.11%). While downward momentum has barely improved, there is room for EUR to dip to 1.1015 first before a rebound can be expected. A break of the major support at 1.0990 still appears unlikely. Resistance is at 1.1065 followed by 1.1090.”

Next 1-3 weeks: “Our view from last Friday (01 Apr, spot at 1.1085) still stands. As highlighted, EUR appears to have moved into a consolidation phase and is likely to trade between 1.0990 and 1.1170 for now.”