- Analytics
- News and Tools
- Market News
- EUR/USD: Further range bound trade looks likely – UOB
EUR/USD: Further range bound trade looks likely – UOB
UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia suggest EUR/USD faces extra consolidation in the near term.
Key Quotes
24-hour view: After EUR dipped to 1.0520 last Thursday and rebounded, we highlighted last Friday that “the rebound has scope to extend to 1.0595, but the next resistance at 1.0620 is unlikely to come under threat.” We indicated that “support is at 1.0545, followed by 1.0530.” EUR then dipped to a low of 1.0534 and rebounded to 1.0597 before easing to close little changed for the day (1.0564, +0.04%). Momentum indicators are turning neutral, and today EUR is likely to trade sideways between 1.0535 and 1.0595.
Next 1-3 weeks: Our latest narrative for EUR was from last Wednesday (25 Oct, spot at 1.0595), wherein EUR is likely to trade in a range of 1.0510/1.0700 for now. Our view of range trading was not wrong, even though EUR traded in a narrower range than anticipated since last Wednesday. We continue to expect EUR to trade in a range. Given the lower volatility, the price movements in EUR are likely to remain in narrower range of 1.0510 to 1.0660 for now. At this time, it is unclear whether EUR will likely break below 1.0510 or above 1.0660 first.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
