Brief decline did not result in any increase in momentum; the Euro (EUR) is expected to trade in a range between 1.0550 and 1.0620. In the longer run, weakness in EUR has stabilised; it is expected to consolidate between 1.0520 and 1.0685, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
EUR to consolidate between 1.0520 and 1.0685
24-HOUR VIEW: “Following EUR rise to 1.0607 on Monday, we indicated yesterday that ‘instead of continuing to rise, EUR is likely to trade in a 1.0560/1.0610 range today.’ Although EUR subsequently plummeted to 1.0523, it rebounded quickly to close largely unchanged at 1.0595 (-0.04%). The brief decline did not result in any increase in momentum. We continue to expect EUR to trade in a range, likely between 1.0550 and 1.0620.”
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