According to the currency strategists of UOB Group, it is EUR / USD likely to trade within a 1.1950-1.2150 range in the coming weeks.
24 hour perspective: “We highlighted yesterday that the rapid rise seemed to be ahead of itself and a sustained advance was unlikely. We expected the EUR to trade sideways between 1.2010 and 1.2075. Subsequently, the euro traded between 1.2018 and 1.2066 before closing low. changes to 1.2048 (+ 0.05%). It would not be surprising if there were more sideways trades despite the slightly firm underlying tone suggesting a higher range of 1.2030 /1.2085”.
Next 1-3 weeks: “Not much to add to yesterday’s update (Feb 8, par at 1.2045). As highlighted, the recent weak phase has run its course and the EUR is considered to have moved towards a consolidation and is likely to trade between 1.1950 and 1.2150. Looking ahead, barring a clear breakout of 1.2150, the EUR is expected to make another attempt to get closer to 1.1900 at a later stage. “