EUR/USD: The pair to fall to 1.0680 after a break below 1.0710 – UOB Group

The Euro (EUR) is likely to trade in a sideways range of 1.0710/1.0760, UOB Group analysts note.

EUR/USD goes sidelined

24-HOUR VIEW: “While we expected EUR to edge higher yesterday, we were of the view that ‘any advance is unlikely to break above 1.0760.’ EUR rose more than expected to 1.0776 before pulling back. The pullback in overbought conditions suggests EUR is unlikely to rise further. Today, we expect EUR to trade in a sideways range of 1.0710/1.0760.”

1-3 WEEKS VIEW: “We continue to hold the same view as yesterday (01 Jul, spot at 1.0735). As highlighted, EUR is likely to trade in a range for now, probably between 1.0680 and 1.0785. Note that EUR rose towards the top of the expected range, reaching a high of 1.0776 in London trade before pulling back.”