FXStreet — The perspective for the currency pair remains in short term neutral, said the market analysts of the Japanese UOB Bank.
While the USD traded mostly sideways, the undertone is still negative and the pair is likely in the direction of the support area at 110,85 drifting (next support at 110,50).
The USD slid last Friday to a Low of 110,85 before he quickly recovered. There is no change, the neutral attitude remains and we continue to expect a sideways market. The trading range we have set, however, from 110.20/113,10 on 110,50/112,50 down. The risks on the underside outweigh currently, but a solid support can be expected at 110,50.
** FXStreet News Editorial, FXStreet**