EUR/USD still rangebound near term – UOB

EUR/USD remains poised to extend the sideline theme between 1.1120 and 1.1290 in the next weeks, suggested analysts at UOB Group.

Key Quotes

“While the strong 1.1265 resistance capped the rebound in EUR as expected (high of 1.1240), the lack of a significant pull-back suggests further upside pressure. From here, as long as 1.1200 is intact, the current short-term EUR strength could grind higher to test 1.1265/70”.

“EUR traded in a range of less than 50 pips last Friday, between 1.1191 and 1.1240. The outlook is still clearly neutral and we continue to expect this pair to trade sideways within a 1.1120/1.1290 range for now”.