Euro (EUR) is likely to trade in a range between 1.1700 and 1.1760. In the longer run, EUR is likely to trade between 1.1675 and 1.1790 for the time being, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
EUR is likely to trade between
24-HOUR VIEW: “Yesterday, we expected EUR to ‘trade in a range between 1.1710 and 1.1760.’ However, EUR fluctuated within a range of 1.1712/1.1778, closing largely unchanged at 1.1729 (-0.03%). We are not able to derive much from the price movements. Today, we continue to expect EUR to trade in a range, most likely between 1.1700 and 1.1760.”
1-3 WEEKS VIEW: “After EUR dropped to a low of 1.1645, we highlighted last Friday (26 Sep, spot at 1.1660) that ‘the risk of EUR breaking below 1.1610 has increased.’ Our expectation did not materialise, and in our latest narrative from two days ago (30 Sep, spot at 1.1725), we highlighted that “a clear break above 1.1760 (‘strong resistance’ level) would indicate that EUR could trade above last week’s low of 1.1645 for a while.” Yesterday, EUR broke above 1.1760 and rose to a high of 1.1778. We are neutral on EUR now and expect it to trade between 1.1675 and 1.1790 for the time being.”