EUR/USD: Still scope for a test of 1.0300 – UOB

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang still sees EUR/USD with chances of revisit the 1.0300 hurdle in the next few weeks.

Key Quotes

24-hour view: “Yesterday, we expected EUR to ‘trade sideways within a range of 1.0135/1.0235’. During London hours, EUR swung wildly between 1.0152 and 1.0278 before ending the day at 1.0228 (+0.50%). The volatile price actions have resulted in a mixed outlook. Further choppy movement is not ruled out, albeit likely within a narrower range of 1.0170/1.0275.”

Next 1-3 weeks: “We continue to hold the same view as from yesterday (21 Jul, spot at 1.0180). As highlighted, upward momentum has waned somewhat but there is still room for EUR to rise to 1.0300. At this stage, the chance for a sustained rise above this level is not high. On the downside, a breach of 1.0135 (‘strong support’ level was at 1.0115 yesterday) would indicate that the advance in EUR that started earlier this week has come to an end.”