EUR/USD: Expected to trade in a range between 1.1690 and 1.1760 – UOB Group

Source Fxstreet

Euro (EUR) is expected to trade in a range between 1.1690 and 1.1760 against US Dollar (USD). In the longer run, EUR strength from late last month has ended; the current pullback could extend to 1.1660, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR strength from late last month has ended

24-HOUR VIEW: "On Monday, EUR dropped to a low of 1.1686 and then rebounded. Yesterday (Tuesday), when EUR was at 1.1745, we highlighted that 'the rebound could extend, but after the sharp decline yesterday, any advance is likely limited to a test of 1.1780.' However, EUR rebounded less than expected to 1.1765 before dropping sharply to a low of 1.1682. EUR recovered from the low to close at 1.1724, up 0.15%. The price action did not result in any increase in either downward or upward momentum. Today, we expect range trading, most likely between 1.1690 and 1.1760."

1-3 WEEKS VIEW: "We revised our view from positive to negative yesterday (08 Jul, spot at 1.1745). We highlighted the following: 'The EUR strength from late last month has ended. While there has been no significant increase in downward momentum, the current pullback in EUR could extend to 1.1660. However, if EUR breaks above 1.1810 (‘strong resistance’ level), it would mean that it is more likely to trade in a range instead of pulling back.' Our view remains intact, but we are lowering the ‘strong resistance’ from 1.1810 to 1.1795."

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Germany CPI Preview: Headline inflation expected to rise 2.1% YoY in AugustThe Federal Statistical Office of Germany (Destatis) will publish the country’s preliminary estimate of the Harmonized Index of Consumer Prices (HICP) inflation data for August on Friday at 12:00 GMT.
Author  FXStreet
Aug 29, Fri
The Federal Statistical Office of Germany (Destatis) will publish the country’s preliminary estimate of the Harmonized Index of Consumer Prices (HICP) inflation data for August on Friday at 12:00 GMT.
placeholder
Forex Today: US Dollar stabilizes ahead of key PCE inflation dataThe US Dollar (USD) finds a foothold early Friday after posting losses for three consecutive days.
Author  FXStreet
Aug 29, Fri
The US Dollar (USD) finds a foothold early Friday after posting losses for three consecutive days.
placeholder
Pound Sterling corrects ahead of US PCE inflation dataThe Pound Sterling (GBP) corrects to near 1.3500 against the US Dollar (USD) during the European trading session on Friday.
Author  FXStreet
Aug 29, Fri
The Pound Sterling (GBP) corrects to near 1.3500 against the US Dollar (USD) during the European trading session on Friday.
placeholder
Solana Price Hits 6-Month High, Unbothered By $432 Million SellingSolana has surged to a six-month high, continuing its strong uptrend in the broader crypto market.
Author  Beincrypto
Aug 29, Fri
Solana has surged to a six-month high, continuing its strong uptrend in the broader crypto market.
placeholder
The “No-Error Era” for AI Chip Stocks: Marvell Meets Expectations Yet Plunges 11%Despite delivering solid results, Marvell stock plummeted 11.28% in after-hours trading after its Q3 revenue guidance came in slightly below expectations.
Author  TradingKey
Aug 29, Fri
Despite delivering solid results, Marvell stock plummeted 11.28% in after-hours trading after its Q3 revenue guidance came in slightly below expectations.
Related Instrument
goTop
quote