EUR/USD still rangebound between 1.1120/1.1290 – UOB

The research team at UOB Group still sees EUR/USD on a sideline pattern between 1.1120 and 1.1290 in the next 1-3 weeks.

Key Quotes

“EUR held well above the 1.1200 support and extended its up-move and exceeded the strong 1.1265/70 resistance (high of 1.1278). Upward momentum is showing signs of faltering and while a retest 1.1275/80 would not be surprising, 1.1320 is expected to hold for a pull-back to 1.1220”.

“While the undertone for EUR has improved with the reasonably strong daily closing yesterday, it is premature to expect a sustained up-move. 1.1290 is still acting as strong resistance and even if there is a break above level, EUR is expected to face another solid resistance near 1.1325. That said, for the next few days, the positive undertone would stay intact unless there is a move back below 1.1180”.