Chance for Euro to test 1.1560 – UOB Group

There is a chance for Euro (EUR) to test 1.1560; the major support at 1.1540 is unlikely to come into view. EUR is expected to trade in a range between 1.1540 and 1.1640, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

EUR is expected to trade in a range

24-HOUR VIEW: “EUR edged to a low of 1.1581 on Monday. Yesterday, Tuesday, we held the view that ‘the slight increase in downward momentum suggests EUR could continue to edge lower’. However, we pointed out that ‘any decline is likely limited to a test of 1.1570’. We also pointed out that ‘the next major support at 1.1540 is not expected to come into view’. We were not wrong, as EUR dipped to a low of 1.1570. The downward momentum remains slightly soft, and today, there is a chance for EUR to test 1.1560. The major support at 1.1540 is still unlikely to come into view. On the upside, resistance levels are at 1.1595 and 1.1610.”

1-3 WEEKS VIEW: “We revised our view to neutral yesterday (18 Nov, spot at 1.1590). We indicated that EUR “is expected to trade in a range between 1.1540 and 1.1640.” There is no change in our view.”