EUR/USD sidelined between 1.1080-1.1260 – UOB

According to the research team at UOB Group, EUR/USD remains in a consolidative theme between 1.1080 and 1.1260 in the next weeks.

Key Quotes

“In line with expectation, EUR extended its recent weakness but the major 1.1120/25 support was not threatened (low of 1.1137). While downward momentum is not strong, the current decline appears to have scope to move lower to test 1.1120/25”.

“We shifted to neutral stance yesterday and there is no change to the view. The current movement in EUR is viewed as part of a consolidation phase and only a clear break out of the expected 1.1080/1.1260 range would indicate the start of a sustained directional move”.