EUR/USD: a technical analysis suggests the current range could remain in place (UOB)

UOB believes that according to its technical analysis and recent price action, the EUR/USD could continue to progress within a range on the forex.

"ECB President Draghi was fairly dovish and briefly sent the EUR/USD below 1.06. But the pair has rebounded and is currently evolving around 1.0660. The ECB should remain patient for the time being.

In line with expectations, the EUR/USD declined but the move was stopped by support at 1.0590 (trough at 1.0587). The rebound that followed seems to be expanding, but at this point any bullish move should be limited to resistance at 1.0700/05. The first support level is at 1.0625, followed by the recent trough at 1.0585/90."