The EUR / USD will now move within the range of 1.2125-1.2220 over the next several weeks, UOB Group currency strategists suggest.
Key Comments:
24 hour view: “Yesterday we expected the EUR / USD to ‘trade within a 1.2155 / 1.2200’ range. While the pair subsequently traded in a subdued fashion, it rose to a high of 1.2218 during the American session. However, the advance was of short duration as EUR / USD slid back down rapidly to end the day little changed at 1.2178 (+ 0.06%). Price action has resulted in a mixed outlook. For today, EUR / USD could trade within a range of 1.2145 / 1.2220 “.
Next 1-3 weeks: “Our update yesterday (June 9, EUR / USD at 1.2175) still stands. As highlighted, the outlook is neutral and the EUR / USD could trade between 1.2125 and 1.2220 over a period of time. Keep in mind that the EUR / USD rose to 1.2218 before quickly falling again. Looking ahead, the pair has to close below 1.2125 or above 1.2220 before a sustained directional move can be expected. “
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