EUR/USD likely moved to a consolidative phase – UOB

In opinion of FX Strategists at UOB Group, EUR/USD is now forecast to trade within the 1.1865-1.2005 range.

Key Quotes

24-our view: “EUR traded between 1.1901 and 1.1944 yesterday, narrower than our expected range of 1.1900/1.1950. The price actions offer no fresh clues and we continue to expect EUR to trade sideways, likely between 1.1900 and 1.1950.”

Next 1-3 weeks: “Our update from yesterday (28 Jun, spot at 1.1940) still stands. As highlighted, the recent weak phase in EUR has run its course. The current movement is viewed as the early stages of a consolidation phase and EUR could trade within a 1.1865/1.2005 range for a period of time.”