Euro (EUR) is expected to trade sideways between 1.1590 and 1.1665 against US Dollar (USD). In the longer run, EUR weakness appears to have stabilised; for the time being, it is likely to consolidate in a range of 1.1550/1.1720, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
EUR weakness appears to have stabilised
24-HOUR VIEW: “When EUR was at 1.1615 in the early Asian session last Friday, we expected EUR to ‘trade in a sideways range of 1.1585/1.1655.’ The subsequent price action did not turn as we expected. EUR rose to a high of 1.1671 and then pulled back to close at 1.1625 (+0.26%). The advance did not result in a significant increase in upward momentum. Today, we continue to expect sideways trading, likely between 1.1590 and 1.1665.”
1-3 WEEKS VIEW: “Our update from last Thursday (17 Jul, spot at 1.1630) remains valid. As highlighted, the recent ”EUR weakness has stabilised.’ For the time being, we expect EUR to “consolidate in a range of 1.1550/1.1720.”
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