Lee Sue Ann, economist at UOB Group, and Quek Ser Leang, Market Strategist, come to the EUR/USD sailing within the 1.0530-1.0700 range in the coming weeks.
24 hour perspective: “Last Friday we highlighted that there was room for further weakness in the EUR, but any decline was likely to be part of a lower trading range of 1.0565/1.0655. Afterwards, the EUR traded calmly between 1.0586 and 1.0638. The evolution of the prices seems to be part of a consolidation phase.Today, we expect the euro to trade sideways within a 1.0585/1.0650 range“.
Next 1-3 weeks: “Not much to add to our update from last Friday (March 03, pair at 1.0605). As we noted, instead of continuing to bounce, Euro is likely to consolidate and trade between 1.0530 and 1.0700 for now“.
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.