EUR/USD: Likely to trade in range between 1.1435 and 1.1660 – UOB Group

Euro (EUR) is likely to trade in a range between 1.1435 and 1.1660 against US Dollar (USD), UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR to trade in a range

24-HOUR VIEW: "Subsequent to the surge in EUR last Friday, we highlighted yesterday that 'although the sharp rally appears to be excessive, there is a chance for EUR to test 1.1625.' Our view did not materialise, as EUR traded in a relatively quiet manner between 1.1547 and 1.1596, closing slightly lower at 1.1570 (-0.12%). While the underlying tone remains slightly firm, instead of a sustained advance, EUR is more likely to trade within a higher range of 1.1550/1.1605."

1-3 WEEKS VIEW: "Yesterday (04 Aug, spot at 1.1580), we revised our view to neutral. We pointed that 'despite the strong surge in EUR last Friday, it is too early to expect a further sustained rise.' We expected EUR to 'trade in a range between 1.1435 and 1.1660.' There is no change in our view."