According to forex strategists at UOB Group, the EUR/USD it may now be cruising between 1.0870 and 1.1180 in the coming weeks.
24 hour outlook: “We did not anticipate the outsized rally that sent the EUR to a high of 1.1094 yesterday. The sharp and rapid rally seems to advance itself and the euro is unlikely to strengthen much further. For now, the single currency could consolidate and trade between 1.1000 and 1.1100.”
Next 1-3 weeks: “In our last narrative on Monday (March 07, pair at 1.0875), we highlighted that the EUR was still weak and the next level to focus on was long-term support at 1.0805. Subsequently, the EUR dropped to 1.0804 before rallying.Yesterday (March 09), the euro took off and soared to 1.1094 before closing up 1.61% (NY close 1.1075), its biggest one-day advance since June 2016. of our “strong resistance” at 1.1000 indicates that the weak phase has come to an end.Despite the outsized advance, a major turnaround seems to be expected soon.Further volatility would not be surprising and the euro could trade between 1.0870 and 1.1180 in this period.”
Source: Fx Street

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