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EUR/USD neutral, between 1.1840/1.1905 – UOB

Spot is likely to remain within a neutral stance in the near term, likely to gravitate between 1.1840 and 1.1905.

Key Quotes

24-hour view: “We highlighted last Friday that there is “room for a clear move above 1.1930 but a move beyond 1.1960 seems unlikely”. While EUR hit a high of 1.1940, the subsequent choppy swings have resulted in a mixed outlook for today. Further sideway trading seems likely even though the immediate bias is for a probe lower towards the bottom of the 1.1840/1.1905 consolidation range”.

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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