According to FX Strategists at UOB Group, EUR/USD is expected to navigate between 1.0950 and 1.1150 in the next weeks.

Key Quotes

24-hour view: “EUR traded between 1.1008 and 1.1069 yesterday, narrower than our expected sideway-trading range of 1.1005/1.1080. The underlying tone has softened somewhat and EUR could edge lower for today. That said, any weakness is unlikely to challenge the major support at 1.0950 (there is another support at 1.0980). On the upside, a breach of 1.1050 (minor resistance is at 1.1030) would indicate that the current downward pressure has eased.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (21 Mar, spot at 1.1040). As highlighted, EUR appears to have moved into a consolidation phase and is likely to trade between 1.0950 and 1.1150 for now.”

This article was originally published by Fxstreet.com.Read the original article here.

LEAVE A REPLY

Please enter your comment!
Please enter your name here