EUR/USD keeps the neutral stance – UOB

The research team at UOB Group sees EUR/USD navigating a 1.0995-1.1200 range in the next 1-3 weeks.

Key Quotes

“While the expectation for a short-term top was correct, the pull-back from the high of 1.1148 went much lower than anticipated. The break of 1.1040 (low of 1.1021) has shifted to focus towards the month's low near 1.0996/00. This is major support and is unlikely to yield so easily”.

“We shifted to a neutral stance last Friday and there is no change to the view. We continue to expect EUR to trade in a 1.0995/1.1200 range for now. Only a clear break out of this range would lead to a sustained directional move”.