EUR/USD neutral, within 1.06/1.08 range – UOB

EUR/USD remains poised for a continuation of the 1.06/1.08 range in the next week, suggested FX Strategists at UOB Group.

Key Quotes

“EUR dropped sharply to an overnight low of 1.0617 but recovered quickly. While the rebound appears incomplete, any further up-move is expected to struggle to move above the 1.0740 high seen yesterday (next resistance is at 1.0775)”.

“EUR dipped briefly to a low of 1.0617 yesterday but rebounded quickly. Indicators are mostly neutral which suggest further broad sideway consolidation in the coming days, likely within a 1.0600/1.0800 range”.