UOB Research discusses EUR/USD technical outlook and maintains a neutral bias in the near-term.
"EUR traded in a tight 22 pips range yesterday (between 1.1061 and 1.1083), the second smallest 1-day range so far this year. The quiet price action offers no fresh clues and we continue to hold on to the same view from Monday (18 Nov, spot at 1.1055). The current price action is still viewed as part of a 1.1010/1.1115 sideway-trading range even though the near-term bias is on the upside. Looking forward, if EUR were to crack 1.1115, the focus would shift to 1.1150,"UOB notes.
"All in, the current mild upward pressure is expected to remain intact unless EUR drops back below 1.1040 within these few days," UOB adds.