EUR/USD downside pressure alleviated above 1.1835 – UOB

According to FX Strategists at UOB Group, the pair’s stance remains neutral and keeps targeting the 1.1665/70 band in the near term.

Key Quotes

24-hour view: “In line with expectation, EUR traded sideways yesterday before closing largely unchanged. Indicators are mostly flat and further range trading is expected, albeit likely at a higher range of 1.1740/1.1805”.

Next 1-3 weeks: “EUR spent another day trading within a relatively narrow range. As indicated in recent updates, while the undertone for this pair is negative, patchy momentum indicators suggest that any weakness is expected to be gradual and at this stage, is likely limited to a test of the 1.1665/70 low seen earlier this month (minor support is at 1.1725). All in, the current negative undertone is expected to remain intact unless EUR can move and stay above 1.1835 (key short-term resistance previously at 1.1860)”.