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EUR/USD maintains short-term consolidated trend – UOB

UOB Group currency strategists Lee Sue Ann and Quek Ser Leang noted that the EUR/USD navigate inside the range of 0.9940-1.0125 in the coming weeks.

24 hour outlook: “The EUR traded between 0.9972 and 1.0078 yesterday, expanding our expected sideways trading range of 0.9985/1.0060. Price actions offer no new clues and we expect the euro to trade within a range of 0.9980/1.0080 today“.

Next 1-3 weeks: “Two days ago (Aug 30, pair at 0.9995), we highlighted that the euro was likely to consolidate and trade between 0.9900 and 1.0085. The euro reached a high of 1.0078 yesterday and while the bullish momentum has improved somewhat, does not appear to be set up for a sustained rise. That said, the EUR could break above 1.0085, but next resistance at 1.0125 is unlikely to enter the picture. Overall, the price action suggests that the euro is still consolidating, albeit in a higher range of 0.9940/1.0125.”

Source: Fx Street

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