EUR/USD seen choppy within a broad range – UOB
FX Strategists at UOB Group expect EUR/USD to keep trading within a broad range for the time being.
24-hour view: “EUR traded between 1.1044 and 1.1236, narrower than our expected range of 1.1050/1.1260. The price action offers no fresh clues and EUR could continue to trade in a choppy manner and within a broad 1.1050/1.1250 range for now.”
Next 1-3 weeks: “EUR edged to a low of 1.1044 yesterday (16 Mar) before rebounding. The price action is not out of line from our view from last Friday’s (13 Mar, spot at 1.1170) wherein ‘a short-term top is in place’ and EUR could ‘trade in a choppy manner within a broad range of 1.0980/1.1380’. For now, there is no change in our view but a 1.0980/1.1330 range (narrowed from 1.0980/1.1380) should be enough to contain the price action in EUR, at least for the next several days.”