EUR/USD sticks to the consolidative phase so far – UOB

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang noted EUR/USD is expected to remain within the 1.0100-1.0285 range in the next few weeks.

Key Quotes

24-hour view: “We highlighted yesterday that ‘there is scope for EUR to advance further but a sustained rise above 1.0250 appears unlikely’. However, EUR did not threaten 1.0250 as it dropped from 1.0234 to 1.0112 before snapping back up to end the day little changed at 1.0196 (0.06%). The choppy price actions appear to be part of a consolidation phase and EUR is likely to trade between 1.0135 and 1.0235 for today.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (28 Jul, spot at 1.0205). As highlighted, the current movement in EUR appears to be part of a consolidation and it is likely to trade between 1.0100 and 1.0285 for now.”