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EUR/USD faces extra consolidation near-term – UOB

FX Strategists at UOB Group noted EUR/USD is still seen navigating a broad 1.0730-1.0950 range in the next weeks.

Key Quotes

24-hour view: “We highlighted last Friday that a ‘short-term bottom is in place’ and expected EUR to ‘probe the top of the expected 1.0815/1.0885 consolidation range first’. EUR did not probe the 1.0885 level as it traded between 1.0813 and 1.0875. The current movement is still viewed as a consolidation phase. In other words, EUR is expected to trade sideways for today, likely within a 1.0805/1.0885 range.”

Next 1-3 weeks: “There is not much to add to our update from Wednesday (06 May, spot at 1.0835). As highlighted, the recent sharp but short-lived swings have resulted in a mixed outlook. From here, EUR could continue to trade in an erratic manner and within a relatively broad range of 1.0730/1.0950 for a period.”

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