The Euro (EUR) is expected to trade in a range, likely between 1.1130 and 1.1195. In the longer run, EUR has likely entered a range trading phase, probably between 1.1060 and 1.1215, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
Has to break above 1.1230 for a sustained rise towards 1.1275
24-HOUR VIEW: “We indicated last Friday, that the ‘slight increase in momentum is likely to result in a higher trading range of 1.1140/1.1205 instead of a sustained advance.’ EUR subsequently traded in a wider range than expected (1.1123/1.1202), closing slightly lower by 0.12% (1.1163). There has been no increase in either downward or upward momentum. In other words, we continue to expect EUR to trade in a range, likely between 1.1130 and 1.1195.”
1-3 WEEKS VIEW: “Our update from last Thursday (26 Sep, spot at 1.1130) is still valid. As highlighted, EUR ‘has likely entered a range trading phase, probably between 1.1060 and 1.1215.’ Looking ahead, EUR not only has to break above 1.1215 but also 1.1230 before a sustained rise towards 1.1275 can be expected.”
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