UBS described some trading strategies which may be used for EUR/USD in short and medium term situation:
EUR/USD: "the pair has had a slow week so far with no clear direction and we should see more of the same ahead of Friday's US payrolls. Keep playing the intraday moves and only get involved on the extremes. Month-end moves might provide some opportunities today, but overall we think that the 1.1000-1.1400 range is the new 1.0800-1.1200."
As we see - UBS changed the key s/r range from 1.1000/1.1400 to 1.0800/1.1200 expecting the more bearish in medium term. The price will be ranging within the following key support/resistance levels:
- 1.1295 resistance level located near above 200 day SMA, and
- 1.0847 support level located far below 200 day SMA in the primary bearish area of the chart.
