EUR/USD rangebound between 1.1770 and 1.1980 – UOB

Spot is seen extending the sideline theme between 1.1770 and 1.1980 in the neart term, according to FX Strategists at UOB Group.

Key Quotes

24-hour view: “EUR spiked to a high of 1.1979 last Friday but reversed quickly to hit a low of 1.1848. The choppy swing has resulted in a mixed outlook and EUR is likely to traded sideways for now. Expected range for today, 1.1850/1.1920”.

Next 1-3 week: “When we shifted to a neutral stance last Thursday (31 Aug), we expected EUR to trade sideways within a broad 1.1770/1.1980 range. After the release of US jobs data on Friday, EUR spiked higher but retreated quickly from a high of 1.1979. From here, we continue to view the current movement as part of a consolidation phase and further sideway trading between 1.1770 and 1.1980 still seems likely. On a shorter-term note, the bias is for a probe lower towards the bottom of the expected sideway trading range”.