UOB Group currency strategists predict that the EUR / USD will extend the consolidation between 1.2150 and 1.2265 in the short term.
Key Comments:
24 hour view: “Yesterday we expected EUR / USD to ‘move sideways within a 1.2195 / 1.2240’ range. However, EUR / USD fell to 1.2162 before rising again. The outlook is mixed and EUR / USD could move between 1.2180 and 1.2235 today ”.
Next 1-3 weeks: “Our narrative from 2 days ago (June 1, EUR / USD at 1.2225) still stands. As highlighted, the EUR / USD is likely to ‘move between 1.2150 and 1.2265’. The short term outlook is mixed and looking ahead EUR / USD needs to close below 1.2150 or above 1.2265 before any sustained directional movement can be expected. “
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