In opinion of FX Strategists at UOB Group, the pair remains poised for further rangebound, likely between 1.0700 and 1.0840.
“In line with expectations, EUR extended its down-move but did not have enough momentum to threaten the solid support at 1.0700. The rapid recovery from the low of 1.0711 appears to have scope to extend higher but last week’s peak near 1.0825/30 is acting as a rather strong resistance and this level is unlikely to yield so easily”.
“The recent short-term upward pressure has eased and EUR has likely moved into a 1.0700/1.0830 consolidation phase. Looking further ahead, the upside appears to be more vulnerable even though this pair has to ‘punch above’ 1.0840 or the recent lackluster price action would likely persist”.
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