EUR/USD neutral, 1.1660 still on the cards – UOB

The pair’s outlook remains neutral, while there is still room for a visit to the 1.1660 area in the near term, suggested FX Strategists at UOB Group.

Key Quotes

24-hour view: “In line with expectation, EUR traded mostly sideways yesterday. The consolidation phase appears incomplete and further range trading is expected, likely within a 1.1735/1.1800 range”.

Next 1-3 weeks: “EUR traded in a relatively quiet manner yesterday and there is no change to our view. We continue to see scope for the current pull-back to extend lower and test the August’s low of 1.1660. At this stage, a clear break below this level is not expected. On the upside, only a move back above 1.1820 would indicate that the current mild downward pressure has eased”.