Forex strategists at UOB Group noted that the EUR/USD it continues to consolidate between 1.1795 and 1.1895 at the moment.
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24-hour perspective: “Our expectations of the EUR falling below 1.1795 did not materialize as the euro was trading in a relatively narrow range of 1.1803 / 1.1841. Momentum indicators are turning ‘neutral’ and EUR is expected to consolidate for today, probably between 1.1805 and 1.1850“.
Next 1-3 weeks: “There is not much to add to our update yesterday (09 Sep, even at 1.1815). As we highlight, the EUR continues to consolidate in a range of 1.1795 / 1.1895. While momentum to the downside is showing tentative signs of rebounding, only a daily close below 1.1770 would signal the start of a deeper pullback in the euro. At the moment, the outlook for the EUR to close below 1.1770 is not high. “
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