EUR/USD keeps the neutral outlook near term – UOB

EUR/USD is likely to keep its rangebound theme between 1.0420 and 1.0620 for the next weeks, suggested FX strategists at UOB Group.

Key Quotes

“EUR traded mostly sideways yesterday but the relatively strong daily closing suggests that upward pressure is increasing. While a move above last Friday’s 1.0621 peak would not be surprising, the next major resistance at 1.0650 is unlikely to yield so easily”.

“There is not much add; as noted yesterday, the near-term bias is tilted to the upside but 1.0620 is expected to offer stiff resistance in the coming days followed closely by the major resistance zone near 1.0650/70. Overall, EUR is expected to stay underpinned in the next couple of days with solid support at 1.0480”.