EUR/USD maintains its sideline theme – UOB

EUR/USD remains within the broader range in the near term, suggested FX Strategists at UOB Group.

Key Quotes

“We indicated yesterday that the recent downward pressure has eased and that EUR has likely moved into a 1.0700/1.0830 consolidation range”.

“There is no change to the view even looking further ahead, the upside appears to be more vulnerable but EUR has to ‘punch above’ 1.0830 or the recent lackluster price action would likely persist”.

“On the downside, 1.0700 is expected to hold but a clear break below this level would indicate that a deeper pull-back towards the late January low of 1.0615/20 has started”.