EUR/USD points to further consolidation – UOB

EUR/USD is expected to keep the side-lined trading well and sound for the time being, noted FX Strategists Lee Sue Ann and Quek Ser Leang.

Key Quotes

24-hour view: “We expected EUR to ‘consolidate and trade between 1.0445 and 1.0550’ yesterday. EUR subsequently traded within a narrow range of 1.0473/1.0545 before closing slightly higher at 1.0509 (+0.10%). Momentum indicators are mostly neutral and further consolidation would not be surprising. Expected range for today, 1.0470/1.0560.”

Next 1-3 weeks: “There is not much to add to our update from yesterday (20 Jun, spot at 1.0485). As highlighted, EUR is likely to consolidate and trade within a range of 1.0350/1.0650.”