Economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group suggest that the EUR/USD it will likely trade within the 1.0820-1.090 range in the coming weeks.
24 hour perspective: “Yesterday we highlighted that there was room for the EUR to retest the 1.0830 level before a more sustained bounce was likely. And we added that breaking above 1.0895 would suggest that 1.0830 would not be in sight again. However, the Euro did not retest 1.0830 as it bounced from 1.0855 to 1.0927 before settling at 1.0910 (+0.47%).The bounce lacks momentum and the Euro is unlikely to go much further.Today, it is more Euro likely to trade in a 1.0870/1.0940 range“.
Next 1-3 weeks: “Yesterday (April 11, pair at 1.0905), we signaled that the Euro was under slight pressure and we held the view that it was likely to go down for the time being. We did not anticipate the strong bounce until 1.0927. Although our resistance level strong at 1.0940 has yet to be broken, the bearish pressure has more or less faded.In other words, rather than lower, the euro moves in a range for the moment, which is expected to be between 1.0820/1.0980“.
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.
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