The Euro (EUR) will probably trade in a range, probably between 1.0345 and 1.0440. Longer term, the current price action is part of a recovery phase that could extend to 1.0480, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Recovery phase may extend to 1.0480
24-HOUR VIEW: “The EUR skyrocketed two days ago. Yesterday, we noted that ‘there is potential for the EUR to rise above 1.0440.’ Our vision did not materialize, as the EUR swung between 1.0341 and 1.0435, closing at 1.0429 (+0.14%). There has been no further increase in momentum. Today, the EUR will probably trade in a range, probably between 1.0345 and 1.0440.”
1-3 WEEK VIEW: “Yesterday (Jan 21), when the EUR was at 1.0415, we indicated that ‘the current price action is part of a recovery phase that could extend to 1.0480.’ There is no change in our view, as long as 1.0320 (the ‘strong support’ level was at 1.0305 yesterday) remains intact.”
Source: Fx Street
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