EUR/USD maintains a sideways consolidation pattern as softer US Treasury yields and improved risk sentiment provide modest support for the Euro against the dollar.
UOB sees EUR/USD in sideways consolidation within a defined band, with a potential corrective recovery above the 21-day EMA.
UOB strategists Quek Ser Leang and Lee Sue Ann report that EUR/USD is currently trapped in a narrow intraday range. While the pair remains in a broader consolidation phase, analysts anticipate a potential corrective recovery that could push the currency pair above its 21-day exponential moving average in the coming months.
UOB strategists view the pair as being in a sideways consolidation phase, with potential for a corrective recovery above the 21-day EMA in the 1-3 month timeframe.