There is still room for EUR/USD to trade in the 1.0625-1.0785 range in the coming weeks, UOB Group FX strategists Lee Sue Ann and Quek Ser Leang suggested.
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 single currency fell as low as 1.0650 before recovering to close little changed in 1.0699 (0.05%) The downside pressure has eased and the Euro is likely to trade sideways today with the expectation that it will be within a range 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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