EUR/USD poised for further consolidation – UOB

The research team at UOB Group noted EUR/USD could extend its rangebound theme for longer.

Key Quotes

“In line with expectation, EUR retested the 1.1275 resistance (high of 1.1283) but the up-move was capped by the major level of 1.1300. The subsequent choppy price action has resulted in a mixed outlook and further sideway trading seems likely for today”.

“There is no change to the current neutral outlook for EUR. For the past 5 days, EUR has traded within a relatively narrow range between 1.1197 and 1.1285. At this stage, there is no pre-indication that the expected 1.1150/1.1330 sideway consolidation range would end any time soon”.