- Analytics
- News and Tools
- Market News
- EUR/USD: To trade in a range between 1.0845 and 1.0945 – UOB Group
EUR/USD: To trade in a range between 1.0845 and 1.0945 – UOB Group
The Euro (EUR) strength has ended; for the time being, it is likely to trade in a range between 1.0845 and 1.0945, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
Rangebound for the time being
24-HOUR VIEW: “We expected EUR to trade sideways between 1.0885 and 1.0935 last Friday. However, it dipped to 1.0874 before closing at 1.0877 (- 0.17%). EUR traded on a firm note upon opening today. The price action did not result in any increase in downward momentum. Instead, upward momentum has improved somewhat with the firm start today. From here, barring a break below 1.0875 (minor support is at 1.0885), EUR could edge higher. Given the lackluster momentum, a sustained break above 1.0920 is unlikely.”
1-3 WEEKS VIEW: “Last Friday (19 Jul, spot at 1.0900), we noted a rapid loss in momentum. We pointed out that ‘should EUR break below 1.0885, it would mean that the EUR strength that started two weeks ago (as annotated in the chart below) has come to end.’ EUR subsequently dropped below 1.0885 (low has been 1.0874). The current price action is likely part of a range trading phase. For the time being, we expect EUR to trade between 1.0845 and 1.0945.”
© 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
