EUR/USD is projected to trade in the 1.1790-1.1895 range for the time being, according to UOB Group FX Strategists.
Observation for 24 hours: “Our prediction of the EUR ‘edging higher and testing 1.1895’ did not come true, as it traded in a rather quiet range between 1.1834 and 1.1879. The underlying tone remains marginally positive, and we believe there is further opportunity for EUR to rise. A decisive breach of 1.1895, however, is doubtful. 1.1820 serves as a support level, followed by 1.1840.”
Within the next 1-3 weeks: “There isn’t much else to add to our Friday update (09 Jul, spot at 1.1845). As previously stated, the recent weak period in the EUR has ended, and the current movement is considered to be part of a consolidation phase, with EUR trading between 1.1790 and 1.1895 for the time being. A breach of 1.1895 is not ruled out in the near future, but only a daily close above 1.1925 would suggest that the EUR is ready for a greater (and longer-lasting) recovery.”/n
