EUR/USD: Likely to trade in a range between 1.1470 and 1.1540 – UOB Group
The current price movements are likely part of a range trading phase between 1.1470 and 1.1540. In the longer run, Euro (EUR) is likely to trade in a range against US Dollar (USD) for now, probably between 1.1400 and 1.1570, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR is likely to trade in a range
24-HOUR VIEW: "When EUR was at 1.1475 in the early Asian session yesterday, we highlighted that 'there has been a slight increase in downward momentum.' We indicated that EUR 'could edge lower and potentially test the 1.1440 level.' While EUR subsequently dipped, it only reached a low of 1.1445 before rebounding to close at 1.1494 (+0.13%). The mild downward pressure has faded, and the current price movements are likely part of a range trading phase, expected to be between 1.1470 and 1.1540."
1-3 WEEKS VIEW: "There is not much to add to our update from yesterday (19 Jun, spot at 1.1475). As highlighted, EUR is likely to trade in a range for now, probably between 1.1400 and 1.1570."
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