In the opinion of the currency strategists at Grupo UOB, the EUR / USD remains ready to extend 1.1770-1.1895 range for the moment.
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24 hour view: “We highlighted yesterday that ‘it looks like the rapid rally is coming ahead and the EUR / USD is unlikely to strengthen much further’ and we expected the EUR / USD to ‘trade sideways between 1.1800 and 1.1870.’ Our opinion was not wrong at despite EUR / USD trading within a tighter than expected range (1.1794 / 1.1850). The underlying tone has weakened a bit and there is room for the EUR / USD to turn lower, but a break of the main support at 1.1770 unlikely (minor support is at 1.1790). Resistance is at 1.1830, followed by 1.1855. “
Next 1-3 weeks: “Our update yesterday (July 15, EUR / USD at 1.1835) still stands. As highlighted, EUR / USD is not ready to go down yet. From here on, EUR / USD is likely to trade between 1.1770 and 1.1895 for a period of time. Looking ahead, a daily close below 1.1770 would suggest that EUR / USD is ready to head towards 1.1700. The outlook for EUR / USD to move to 1.1700 is not high for now, but it would remain intact as long as EUR / USD does not move above 1.1895.
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