EUR/USD: Likely to trade in a range between 1.1535 and 1.1575 – UOB Group
Euro (EUR) is likely to trade in a range between 1.1535 and 1.1575. In the longer run, there is no change in view; EUR is likely to trade in a range of 1.1485/1.1610 for the time being, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR is likely to trade in a range
24-HOUR VIEW: "EUR rose to a high of 1.1591 last Friday and then pulled back. Yesterday, Monday, we stated that 'upward momentum is easing, and instead of continuing to rise, EUR is more likely to trade in a 1.1525/1.1580 range today'. EUR subsequently traded between 1.1540 and 1.1583, closing largely unchanged (1.1556, -0.08%). There has been no shift in directional momentum indicators, and we continue to expect EUR to trade in a range today, most likely between 1.1535 and 1.1575."
1-3 WEEKS VIEW: "In our most recent narrative from last Friday (07 Nov, spot at 1.1545), we indicated that 'the EUR’s weakness from a week ago has stabilised', and we expected EUR to 'trade in a range of 1.1485/1.1610 for the time being'. There is no change in our view."
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