UOB Group currency strategists note that the outlook for EUR / USD still looks neutral short term.
Key Comments:
24 hour view: “We highlighted yesterday that the outlook is mixed and we expected the EUR / USD to trade ‘within a range of 1.2145 / 1.2220’. Subsequently, the EUR / USD traded within a narrower range than expected (1.2141 / 1.2193) before closing little changed at 1.2169 (-0.07%). The outlook remains mixed and for today, the EUR / USD is likely to move between 1.2140 and 1.2200 “.
Next 1-3 weeks: “There is not much to add to our update on Wednesday (June 9, EUR / USD at 1.2175). As highlighted, the outlook is neutral and the EUR / USD could trade between 1.2125 and 1.2220 over a period of time. Going forward, the EUR / USD has to close below 1.2125 or above 1.2220 before a sustained directional move can be expected. “
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