EUR/USD expected to stick to the rangebound theme – UOB

EUR/USD is seen navigating within a 1.0500/1.0680 range for the next 103 weeks, according to FX Strategists at UOB Group.

Key Quotes

“There is not much to add as EUR traded in a relatively narrow range of 1.0568/1.0630 yesterday. However, the failure to move above 1.0630 for the second straight day and the subsequent rapid pullback has resulted in a slight negative undertone”.

“That said, any weakness from here is expected to face solid support at 1.0500. 1.0500 is a rather strong level and a break could lead to a quick move lower to 1.0450/55. On the upside, 1.0630 is likely strong enough to cap any short-term advance, at least for the next 1 to 2 days (next resistance at 1.0680)”.