The UOB Group’s currency strategists still expect EUR/USD moves within the range of 1.0950-1.1150 for now.
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24 hour view: “Yesterday we highlighted that EUR/USD ‘could move lower, but any weakness is unlikely to challenge the important support at 1.0950.’ the subsequent sharp bounce from the low.Despite the bounce, momentum to the upside hasn’t improved much.That said, there is room for EUR/USD to move higher, but any advance is likely to be limited to a test of 1.1070. Support is at 1.1005, followed by 1.0980.”
Next 1-3 weeks: “Our view from two days ago (March 21, EUR/USD at 1.1040) still stands. As highlighted, EUR/USD appears to have entered a consolidation phase and is likely to move between 1.0950 and 1.1150 per now.”
Source: Fx Street
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