The Euro (EUR) is likely to trade in a range of 1.1110/1.1170. The EUR has likely entered a range-bound trading phase, likely between 1.1060 and 1.1215, say UOB Group FX Strategists Quek Ser Leang and Lee Sue Ann.
Limited by range for now
24-HOUR VIEW: “Yesterday we highlighted that ‘there is a chance that EUR could rise above 1.1200, but there does not seem to be enough momentum for it to reach 1.1230.’ While our view was not incorrect, as EUR rose to 1.1213, the sharp drop from the high was unexpected (the low was 1.1121). The rapid decline appears to be overdone, and EUR is unlikely to weaken much further. Today, EUR is more likely to trade in a range of 1.1110/1.1170.”
1-3 WEEK VIEW: “Yesterday (September 25, spot at 1.1180), we stated that ‘although the sharp moves of the past few days have clouded the outlook, firm near-term momentum suggests that EUR could rise towards 1.1230.’ We added, ‘the bullish bias remains as long as it remains above 1.1110.’ EUR then rose to 1.1213, falling sharply to 1.1121. Although our ‘strong support’ level at 1.1110 has not yet been broken, short-term bullish momentum has faded. EUR is likely to have entered a range-bound trading phase, probably between 1.1060 and 1.1215.”
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.
