FX Strategists at UOB Group noted EUR/USD continues to consolidate between 1.1795 and 1.1895 for the time being.
Key Quotes
24-hour view: “Our expectations for EUR to ‘dip below 1.1795’ did not materialize as EUR traded within a relatively narrow range of 1.1803/1.1841. Momentum indicators are turning ‘neutral’ and EUR is expected to consolidate for today, likely between 1.1805 and 1.1850.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (09 Sep, spot at 1.1815). As highlighted, EUR is still consolidating within a 1.1795/1.1895 range. While downward momentum is showing tentative signs of picking up, only a daily closing below 1.1770 would indicate the start of a deeper pullback in EUR. At this stage, the prospect for EUR to close below 1.1770 is not high.”