30.04 - EUR/USD relegated to the 1.0725/1.0940 range
- by George Solotarov
The outlook on EUR/USD remains mixed and still prevails the rangebound theme between 1.0725 and 1.0940 for the time being. EUR traded between 1.0816 and 1.0885 yesterday. Despite the relatively firm daily closing in NY (1.0873, +0.51%), upward momentum has not improved by much. For today, EUR could edge higher but any advance is viewed as part of 1.0820/1.0900 range (a sustained advance above 1.0900 is not expected).
EUR could continue to trade in an undecided manner within a broad 1.0750/1.1000 range for a period. EUR subsequently dipped to 1.0725 before staging a robust rebound. Downward pressure has eased and the outlook for EUR remains mixed for now. From here, EUR could continue to trade in an undecided manner and a 1.0725/1.0940 range is likely wide enough to contain the movement in EUR for a while more.