EUR/USD EXPECTED TO KEEP THE CONSOLIDATION RANGE – UOB

EUR/USD remains side-lined within the 1.0950-1.1110 range for the time being, noted FX Strategists at UOB Group.

KEY QUOTES

24-hour view: “Our expectations for EUR to ‘edge higher’ was incorrect as it dropped to 1.0962 before rebounding. Downward momentum has improved a tad and EUR the bias for today is on the downside. That said, a sustained drop below the major support at 1.0950 is unlikely. Resistance is at 1.0020 followed by 1.0045.”

Next 1-3 weeks: “On Monday (21 Mar, spot at 1.1040), we highlighted that EUR ‘appears to have moved into a consolidation phase and is likely to trade between 1.0950 and 1.1150’. EUR traded in a relatively quiet manner the past few days and we continue to expect EUR to consolidate. That said, we have narrowed the expected range to 1.0950/1.1110.”