The Euro (EUR) is expected to continue trading in a range, most likely between 1.0480 and 1.0535. Longer term, rather than a bounce, the EUR is expected to trade in a range for now, most likely between 1.0430 and 1.0580, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
EUR expected to trade between 1.0430 and 1.0580
24 HOUR VIEW: “Following the EUR’s sharp decline to 1.0459 on Monday, we highlighted yesterday (Tuesday) that ‘deeply oversold conditions and declining momentum indicate that the EUR is unlikely to weaken further.’ We expected the EUR ‘to trade in a range of 1.0470/1.0540.’ Although our range trading view was correct, the EUR traded in a tighter range than expected (1.0479/1.0535), closing slightly higher at 1.0509 (+0.11%). clues, and we continue to expect the EUR to trade in a range, most likely between 1.0480 and 1.0535.”
1-3 WEEK VIEW: “We highlighted yesterday (December 3, spot at 1.0500) that “rather than a bounce, the EUR is expected to trade in a range for now, most likely between 1.0430 and 1.0580.” The EUR then traded relatively calmly, and our view remains unchanged.”
Source: Fx Street

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