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EUR/USD remains neutral near term – UOB

According to FX Strategists at UOB Group, the pair remains neutral in the short-term horizon.

Key Quotes

24-hour view: “Against our expectation for sideway-trading, EUR traded in choppy manner, dropping initially to a low of 1.1807 before surging higher to hit an overnight high of 1.1931. While there appears to be room for a clear move above the strong 1.1930 resistance, a move beyond the 1.1960 high seen earlier this week seems unlikely for now. Support is at 1.1870 followed by 1.1840. The 1.1807 low is likely ‘safe’ for today”.

Next 1-3 weeks: “While the undertone for EUR has improved considerably with strong daily closing yesterday, it is too early to expect the start of a sustained up-move. That said, the current mild upward pressure could lead to a retest of the 1.1960 high seen earlier this week. Only a clear break of this strong resistance (say a daily closing above this level) would indicate that a move towards the year-to-date high at 1.2092 has started. The odds for this scenario are not high at this stage but would continue to improve as long as the key short-term support at 1.1805 is intact”.

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