Forex Strategists UOBGroup Lee Sue Ann and Quek Ser Leang, noted that EUR/USD is expected to trade between 1.0350 and 1.0650 in the coming weeks.
24 hour outlook: “Our expectations that the euro’s rapid rise would continue failed to materialize as it fell to as low as 1.0443. Despite the decline, bearish momentum has not improved much. For today, the euro is likely to consolidate and trade between 1.0445 and 1.0550“.
Next 1-3 weeks: “Last Friday (June 17, pair at 1.0545) we highlighted that the recent euro weakness had run its course and the euro had probably entered a consolidation phase. We expected the euro to trade between 1.0435 and 1.0700. We did not expect sharp pullback to 1.0443. We continue to expect the euro to consolidate, though likely within a wider lower range of 1.0350/1.0650.”
Source: Fx Street
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