Further upside in EUR/USD lost traction – UOB

FX Strategists at UOB Group noted the bullish outlook on EUR/USD appears to have lost some momentum despite a test of 1.1180 still remains on the cards.

Key Quotes

24-hour view: “EUR traded in a relatively narrow range between 1.1074 and 1.1107 before ending the day slightly higher at 1.1098 (+0.18%). The quiet price action offers no fresh clues and EUR could continue to trade sideways for today, likely between 1.1080 and 1.1125”.

Next 1-3 weeks: “EUR dipped to 1.1071 on Friday (25 Oct), just one pip above our ‘strong support’ indicated in our last update on 23 Oct (spot at 1.1130). The prospect for further EUR strength has clearly diminished but there is still a slim chance that EUR could muster one more push high towards last week’s top near 1.1180. However, a break of 1.1070 would suggest EUR could trade sideways for a period”.