UOB Group currency strategists Lee Sue Ann and Quek Ser Leang expect EUR/USD remains range bound for now, probably between 1.0100 and 1.0260.
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24 hour view: “Yesterday, we expected the EUR/USD decline to extend, but were of the opinion that ‘major support at 1.0100 is unlikely to be threatened’. We indicated ‘further support at 1.0130’. During the New York session, the EUR/USD briefly dipped as low as 1.0121 before rebounding to end the day unchanged at 1.0164.Downside pressure has subsided and EUR/USD is unlikely to weaken further.For today, EUR/USD is more likely trade sideways between 1.0130 and 1.0210”.
Next 1-3 weeks: “Not much to add to our update yesterday (Aug 3, EUR/USD at 1.0165). As we have highlighted, EUR/USD is still in a consolidation phase and is likely to trade between 1.0100 and 1.0260. Looking ahead , EUR/USD needs to break major support at 1.0100 before a sustained decline is likely.”
Source: Fx Street
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