Further rangebound seen in EUR/USD – UOB

FX Strategists at UOB Group expect the pair to remain within a consolidative theme in the near term.

Key Quotes

24-hour view: “EUR traded in a relatively quiet manner between 1.1236 and 1.1275, narrower than our expected sideway trading range of 1.1225/1.1280. The price action offers no fresh clue and we continue to expect EUR to trade sideways for now, albeit likely at a higher range of 1.1245/1.1290”.

Next 1-3 weeks: “EUR did not do much last Friday, dipping to 1.1236 before recovering to end the day slightly higher at 1.1269 (+0.15%). For now, we continue to hold the same view from last Thursday (11 Jul, spot at 1.1255) wherein EUR is expected to trade sideways between 1.1200 and 1.1310. At this stage, there is no early indication on which side of the range is more ‘vulnerable’.