In the opinion of the currency strategists at UOB Group, EUR/USD is still seen within the range of 1.0870 to 1.1080.
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24 hour view: “Yesterday we highlighted that ‘while downward momentum has not improved much, there is room for EUR/USD to test major support at 1.0870 before a recovery is likely’. However, EUR/USD only dipped to 1.0899 before rallying. Downside pressure has eased and the current move is seen as part of a consolidation. In other words, EUR/USD is likely to move sideways today. Expected to be range bound of 1.0900/1.1000.”
Next 1-3 weeks: “Not much to add to our update from yesterday (March 14, EUR/USD at 1.0930). As highlighted, EUR/USD is likely to move sideways within a range of 1.0870/1.1080. Heading into Going forward, if EUR/USD closes below 1.0870, it would likely test major support at 1.0805.
Source: Fx Street
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