EUR/USD looks range bound within 1.0100 and 1.0285 – UOB

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang see EUR/USD navigating within the 1.0100-1.0285 range in the next few weeks.

Key Quotes

24-hour view: “Yesterday, EUR dipped to a low of 1.0095 before surging quickly to a high of 1.0220 during NY session. While the rapid rise appears to be overdone, there is scope for EUR to advance further. That said, a sustained rise above 1.0250 appears unlikely (next resistance is at 1.0285). Support is at 1.0170 followed by 1.0140.”

Next 1-3 weeks: “EUR slipped to a low of 1.0095 yesterday before rebounding to close at 1.0202 (+0.87%). Upward momentum has improved somewhat but the current movement appears to be part of a consolidation phase. EUR is likely to trade between 1.0100 and 1.0285 for now.”