EUR/USD rangebound between 1.1020/1.1250 – UOB

According to the research team at UOB Group, EUR/USD’s outlook remains bullish and is likely to keep the 1.1020/1.1250 range in the next weeks.

Key Quotes

“EUR dropped sharply to a low of 1.1043 last Friday before recovering quickly. While further weakness seems likely in the coming days, the current down-move appears to be running ahead of itself and a sustained drop below 1.1040 is unlikely”.

“We shifted to a neutral stance last Friday and there is no change to the view. EUR dropped to low of 1.1043 which is within the expected sideway trading range of 1.1020/1.1250. That said, on a shorter-term basis, any EUR strength from here is expected to encounter very strong resistance at 1.1190”.