Currency strategists at the UOB Group point out that now EUR/USD is expected to trade within the range of 1.0870-1.1080 In the next weeks.
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24 hour view: “Last Friday we expected EUR/USD to ‘turn lower’ but believe ‘any weakness is expected to be met by strong support at 1.0935’. The weakness exceeded our expectations as EUR/USD broke 1.0935 and fell to a low of 1.0900.While downside momentum hasn’t improved much, there is room for EUR/USD to test major support at 1.0870 before a recovery is likely.For today, a sustained drop below is unlikely 1.0870. Resistance is at 1.0950, followed by 1.0980.”
Next 1-3 weeks: “In our latest narrative from last Thursday (March 10, EUR/USD at 1.1055), we highlighted that the recent multi-week weak phase in EUR/USD has come to an end and we expected EUR/USD to trade volatile between 1.0870 and 1.1180 While EUR/USD fell to a low of 1.0900 last Friday, the decline appears to lack momentum From here we expect EUR/USD to move sideways but as volatility has eased a bit, a range between 1.0870/1.1080 is likely to contain EUR/USD price action, at least for the next few days Going forward, if EUR/USD closes below 1.0870, I would probably visit the main support at 1.0805.
Source: Fx Street
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