Forex Strategists UOB Group, Lee Sue Ann and Quek Ser Leang noted that EUR/USD is still seen in the 1.0635-1.0785 range in the coming weeks.
24 hour outlook: “Yesterday we held the view that the euro was likely to decline, but a sustained drop below 1.0650 was unlikely. Our view was not wrong, as the euro fell as low as 1.0650 before recovering to close little changed at 1.0699 (0.05% The downward pressure has eased and Euro is likely to trade sideways today with a range expectation of 1.0665/1.0725“.
Next 1-3 weeks: “Our view from yesterday (June 07, pair at 1.0695) remains valid. As we have highlighted, the recent build up of bullish momentum has faded and the Euro is not ready to break above 1.0800 yet. Overall, euro is likely to trade between 1.0625 and 1.0785 for now“.
Source: Fx Street
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