EUR/USD: Likely to trade in a range of 1.1360/1.1430 – UOB Group
Euro (EUR) is likely to trade in a range of 1.1360/1.1430. In the longer run, EUR outlook is revised to positive; the immediate levels to watch are 1.1495 and 1.1530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR outlook is revised to positive
24-HOUR VIEW: "EUR rose sharply to close at 1.1441 two days ago. Yesterday, we were of the view that EUR 'is likely to rise further.' Our view was incorrect, as EUR pulled back to 1.1362 before closing at 1.1370 (-0.18%). There is no significant increase in downward momentum, and instead of continuing to pull back, EUR is more likely to trade in a range of 1.1360/1.1430."
1-3 WEEKS VIEW: "After EUR rose and closed 0.68% higher at 1.1441 two days ago, we revised our view to positive, indicating that 'the immediate levels to watch are 1.1495 and 1.1530.' We did not quite expect the subsequent pullback that reached a low of 1.1362. While the pullback has dimmed the prospects of further EUR strength, only a breach of 1.1345 (no change in ‘strong support’ level) would invalidate our view."
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