FX Strategists at UOB Group noted the outlook for EUR/USD still looks neutral in the near term.
24-hour view: “We highlighted yesterday that the outlook is mixed and we expected EUR to ‘trade within a 1.2145/1.2220 range’. EUR subsequently traded within a narrower range than expected (1.2141/1.2193) before closing little changed at 1.2169 (-0.07%). The outlook remains mixed and for today, EUR is likely to trade between 1.2140 and 1.2200.”
Next 1-3 weeks: “There is not much to add to our update from Wednesday (09 Jun, spot at 1.2175). As highlighted, the outlook is neutral and EUR could trade between 1.2125 and 1.2220 for a period of time. Looking ahead, EUR has to close below 1.2125 or above 1.2220 before a sustained directional move can be expected.”