Euro (EUR) is expected to consolidate in a 1.0255/1.0345 range. In the longer run, EUR has entered a range trading phase; it is likely to trade between 1.0220 and 1.0400 for the time being, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
EUR has entered a range trading phase
24-HOUR VIEW: “When EUR was at 1.0300 in early Asian trade yesterday, we noted that ‘there has been a tentative buildup in momentum.’ We indicated that EUR ‘could rise to 1.0325, potentially reaching 1.0350.’ Our outlook was validated, as EUR rose to 1.0354 before pulling back quickly to close slightly lower by 0.17% at 1.0289. The brief advance did not result in any increase in momentum. The current price movements are likely part of a consolidation phase. Today, we expect EUR to trade in a 1.0255/1.0345 range.”
1-3 WEEKS VIEW: “Our update from yesterday (15 Jan, spot at 1.0300) remains valid. As highlighted, EUR has likely entered a range trading phase, and it is likely to trade between 1.0220 and 1.0400 for the time being.”
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