EUR/USD: Likely to trade in a range of 1.1385/1.1460 – UOB Group
There has been no increase in either downward or upward momentum; Euro (EUR) is likely to trade in a range of 1.1385/1.1460. In the longer run, EUR appears to have entered a range trading phase between 1.1330 and 1.1495, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR appears to have entered a range trading phase
24-HOUR VIEW: "EUR traded in a range two days ago. Yesterday, we indicated that 'the price movements did not result in any increase in either downward or upward momentum.' We expected EUR to 'trade in a range of 1.1390/1.1445.' However, EUR dropped to a low of 1.1372, rebounded to 1.1447, before easing to end the day at 1.1423, marginally higher by 0.03%. Once again, there has been no increase in either downward or upward momentum. Today, we expect EUR to trade in a range of 1.1385/1.1460."
1-3 WEEKS VIEW: "We revised our view to neutral two days ago (09 Jun, spot at 1.1405), indicating that EUR 'appears to have entered a range trading phase, likely between 1.1330 and 1.1495.' We maintain the same view for now."
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