According to FX strategists at UOB Group, the EUR/USD trade between 1.0950 and 1.1150 in the coming weeks.
24 hour outlook: “The Euro traded between 1.1008 and 1.1069 yesterday, a stretch narrower than our expected sideways trading range of 1.1005/1.1080. The underlying tone has softened somewhat and the EUR could go down today. Having said that, any weakness unlikely to challenge important support at 1.0950 (there is another support at 1.0980). On the upside, a gap to 1.1050 (minor resistance is at 1.1030) would indicate that the current downward pressure has eased.”
Next 1-3 weeks: “Not much to add to our update yesterday (March 21, pair at 1.1040). As highlighted, the EUR appears to have entered a consolidation phase and is likely to trade between 1.0950 and 1.1150 for now.”
Source: Fx Street
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