According to the research team at UOB Group, the pair remains focused on the 112.00 handle in the next weeks.
Key Quotes
“As pointed out yesterday, despite the generally negative undertone, we are not convinced that USD is in a bearish phase unless there is a daily closing below 112.00”.
“The sharp rebound yesterday indicates that the recent downward pressure has eased but it is too early to expect a bullish reversal. For now, we expect this pair to trade in a broad 111.00/114.50 range”.
(Market News Provided by FXstreet)