The Euro (EUR) is unlikely to weaken further; it is more likely to trade in a 1.0470/1.0540 range. In the longer run, instead of a rebound, EUR is expected to trade in a range for now, most likely between 1.0430 and 1.0580, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
EUR is expected to trade in a range for now
24-HOUR VIEW: “Yesterday, when EUR was at 1.0555, we stated that ‘The current price action is likely part of a lower trading range of 1.0520/1.0580.’ Our view was incorrect, as EUR plunged to 1.0459 before rebounding to close at 1.0497, down sharply by 0.74%. The rebound in deeply oversold conditions and slowing momentum indicate that EUR is unlikely to weaken further. Today, EUR is more likely to trade in a 1.0470/1.0540 range.”
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