EUR/USD sticks to the neutral outlook – UOB

FX Strategists at UOB Group sees the pair keeping the neutral stance, likely to rangebound between 1.0580 and 1.0750.

Key Quotes

“EUR registered an ‘inside day bar’ last Friday but closed near the low of the day”.

“While there is no change to the current neutral view, the weak daily closing suggests that the short-term bias is tilted to the downside”.

“A move below the expected 1.0580/1.0750 consolidation range would not be surprising but based on the current lackluster downward momentum; any decline is expected to struggle to move below last week’s low near 1.0530”.

“Resistance is at 1.0670 and the top-end of the expected consolidation range at 1.0750 is likely strong enough to cap any EUR strength, at least for the next several days”.