EUR/USD clings to the consolidative range – UOB

UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia expect EUR/USD to trade within the 0.9630-0.9900 range in the next few weeks.

Key Quotes

24-hour view: “Our expectations for ‘the rebound in EUR to extend to 0.9835’ did not materialize as it traded in a choppy manner between 0.9706 and 0.9808 before closing at 0.9719 (-0.55%). The price movements are likely part of a broad consolidation range and we expect EUR to trade within a range of 0.9700/0.9800.”

Next 1-3 weeks: “We continue to hold the same view as last Friday (14 Oct, spot at 0.9775). As highlighted, we view the current price actions as part of a broad consolidation range and we expect EUR to trade between 0.9630 and 0.9900 for the time being.”