UOB Group currency strategists note that EUR / USD outlook remains neutral for the moment.
Key Comments:
24 hour view: “The EUR / USD traded yesterday within a range of 32 pips (between 1.2162 and 1.2194), its smallest daily range in about four months. Not surprisingly, momentum and other indicators are mostly “flat.” In other words, the EUR / USD could continue to trade in a subdued fashion, although probably within a wider range of 1.2155 / 1.2200 ”.
Next 1-3 weeks: “The rapid decline in volatility over the past few days has resulted in a neutral outlook for EUR / USD. From here, the pair could trade between 1.2125 and 1.2220 over a period of time. Looking ahead, the possibility of a breakout of 1.2125 first is slightly higher, but at this time, the possibility of a breakout of the main support at 1.2100 is not high. “
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