EUR/USD keeps the rangebound between 1.0420 and 1.0620 – UOB

FX Strategists at UOB Group noted the pair’s outlook  remains on the neutral side, likely between 1.0420 and 1.0620 in the near term.

Key Quotes

“EUR tried but failed to move clearly above the 1.0620 resistance last Friday (high of 1.0621)”.

“The subsequent rapid drop from the high suggests that EUR is not ready to break out of its current 1.0420/1.0620 consolidation range”.

“That said, the near-term bias is tilted to the upside but 1.0620 is expected to continue to offer solid resistance in the coming days (followed closely by the major resistance zone near 1.0650/70)”.