EUR/USD clings to the consolidative stance – UOB

FX Strategists at UOB Group see EUR/USD broadening the side-lined subject somewhere in the range of 1.1660 and 1.1880 in the following weeks.

Key Quotes

24-hour see: "Last Friday, we held the view that the inclination for EUR 'is inclined to the drawback towards 1.1765'. In any case, EUR plunged to 1.1781 before bouncing back unequivocally. Regardless of the fast bob, upward energy has not improved by a lot. All things considered, there is space for EUR to edge higher and test the 1.1880 obstructions. For now, a continued ascent over this level isn't normal (next obstruction is at 1.1915). The backing is at 1.1815 yet just a move beneath 1.1790 would demonstrate the current upward weight has facilitated."

Next 1-3 weeks: "We keep on holding a similar view from last Thursday (13 Aug, spot at 1.1795) wherein EUR is 'still in a union stage and is probably going to exchange sideways'. All things considered, upward energy is starting to tick up as EUR approaches the head of the expected combination scope of 1.1660/1.1880. While EUR could edge above 1.1880, just a NY shutting above 1.1915 would demonstrate the beginning of the new positive stage. At this stage, the likelihood for such a move isn't high."