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- EUR/USD seen trading within the 1.0920-11080 range – UOB.
EUR/USD seen trading within the 1.0920-11080 range – UOB.
Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group see EUR/USD navigating in a consolidative fashion in the near term.
Key Quotes
24-hour view: Yesterday, EUR traded in a relatively narrow range between 1.0950 and 1.0995 before settling at 1.0973 (+0.17%). The price movements appear to be part of a consolidation. Today, EUR could continue to consolidate, likely in a range of 1.0945/1.1000.
Next 1-3 weeks: Our latest narrative was from Monday (07 Aug, spot at 1.1000), wherein EUR is likely to trade in a range between 1.0920 and 1.1100 for the time being. While we continue to expect EUR to trade in a range, the relatively low volatility over the past couple of days suggests a 1.0920/1.1080 range could contain the price actions in EUR for now. Looking ahead, if EUR breaks clearly below 1.0920, it will mean the start of a fresh leg lower.
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