EUR/USD keeps the sideline theme unchanged, for the moment – UOB

EUR/USD is expected to extend its current consolidative pattern between 1.1120 and 1.1290 for the next 1-3 weeks.

Key Quotes

“As expected, the rebound in EUR extended higher initially but the up-move was capped by the strong 1.1255 resistance (high of 1.1249). Indicators are mostly flat and at this stage, there is no pre-indication that EUR is about to embark on a sustained directional move. In other words, expect further sideway trading”.

“The neutral phase in EUR that started last Friday is still clearly intact. At this stage, there is no pre-indication that this pair is about to break out of the expected sideway trading range of 1.1120/1.1290”.