EUR/USD keeps the neutral outlook so far – UOB

FX Strategists noted EUR/USD’s outlook remains neutral for the time being.

Key Quotes

24-hour view: “EUR traded within a range of 32 pips (between 1.2162 and 1.2194) yesterday, its smallest 1-day range in about four months. Not surprisingly, momentum and other indicators are mostly ‘flat’. In other words, EUR could continue to trade in a quiet manner, albeit likely within a wider range of 1.2155/1.2200.”

Next 1-3 weeks: “The rapid decrease in volatility the past couple of days have resulted in a neutral outlook for EUR. From here, EUR could trade between 1.2125 and 1.2220 for a period of time. Looking ahead, the chance for a break of 1.2125 first is slightly higher but at this stage, the chance for a breach of the major support at 1.2100 is not high.”