UOB Group currency strategists Lee Sue Ann and Quek Ser Leang expect EUR/USD to remain in the range of 1.0100-1.0300 In the next weeks.
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24 hour view: “Last Friday we highlighted that ‘the chance of EUR/USD breaking 1.0260 has increased’. However, instead of breaking 1.0260, EUR/USD tumbled as low as 1.0139 during the New York session before bouncing to close at 1.0181 (-0.61%).It looks like the rapid decline is coming early and EUR/USD is unlikely to weaken much further.For today, EUR/USD is likely to consolidate and trade between 1.0135 and 1.0205.”
Next 1 to 3 weeks: “Last Friday (Aug 5, EUR/USD at 1.0245), we highlighted that short-term bullish momentum is starting to solidify. We added that ‘EUR/USD needs to break 1.0300 before sustained advance is likely’ ‘.EUR/USD failed to break 1.0300 and tumbled to a low of 1.0139.Built-up momentum quickly faded.Overall EUR/USD does not look ready to break out of the 1.0100/1.0300 range yet and could move into it rank for a while longer.”
Source: Fx Street
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