EUR/USD: Price movements are likely to stay within a 1.0250/1.0450 range – UOB Group
Soft underlying tone suggests Euro (EUR) could drift lower; any decline is unlikely to reach the major support at 1.0250. In the longer run, outlook remains unclear; price movements are likely to stay within a 1.0250/1.0450 range for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR/USD cad drift lower
24-HOUR VIEW: "While we expected EUR to 'weaken further' yesterday, we pointed out that 'any decline is unlikely to reach the major support at 1.0250.' Aside from the brief drop in early Sydney trade yesterday, EUR traded in a relatively quiet manner. That said, the underlying tone appears soft, and today, EUR is likely to drift lower, but any decline is still unlikely to reach the major support at 1.0250 (there is another support level at 1.0275). Resistance is at 1.0330; a breach of 1.0350 would indicate that the current mild downward pressure has eased."
1-3 WEEKS VIEW: "Our most recent narrative was from last Wednesday (05 Feb, spot at 1.0375), wherein 'the outlook is unclear for now, and EUR could trade in a broad range of 1.0250/1.0490 for the time being.' The outlook remains unclear, but the price movements are likely to stay within a narrower 1.0250/1.0450 range for now."
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