FX Strategists at UOB Group still see EUR/USD advancing past the 1.1900 mark in the next weeks.
Key Quotes
24-hour view: “Yesterday, we expected EUR to ‘trade sideways within a 1.1840/1.1895 range’. Our view for sideway-trading was not wrong even though EUR traded within a narrower range than expected (1.1857/1.1896). Momentum indicators are still mostly ‘neutral’ and further sidewaytrading would not be surprising. Expected range for today, 1.1855/1.1900.”
Next 1-3 weeks: “Our update from last Friday (30 Jul, spot at 1.1890) still stands. As highlighted, EUR could continue to advance towards 1.1915, possibly 1.1945. On the downside, a break of 1.1825 (no change in ‘strong support’ level) would indicate that the current upward pressure has eased.”