According to the strategists UOB Group, it is expected that the EUR/USD trade in a volatile manner and within the 10870-1.1180 range in the coming weeks.
24 hour outlook: “We expected the EUR to consolidate yesterday and trade between 1.1000 and 1.1100. Subsequently, the euro rose to 1.1120 and fell to 1.0975 before closing at 1.0983 (-0.83%). The underlying tone appears to have softened and the euro is likely to drift downwards. That said, any weakness is expected to face strong support at 1.0935 (minor support is at 1.0975). Resistance is at 1.1045 followed by 1.1075.”
Next 1-3 weeks: “Not much to add to our update from yesterday (March 10, pair at 1.1055). As highlighted, the recent multi-week weakness in the Euro has come to an end and could trade volatile between 1.0870 and 1.1180 for now”.
Source: Fx Street
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