The Euro (EUR) is expected to trade in a range, probably between 1.1130 and 1.1195. Longer term, the EUR has probably entered a phase of range trading, probably between 1.1060 and 1.1215, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
Has to break above 1.1230 for a sustained rise towards 1.1275
24-HOUR VIEW: “We indicated last Friday that the ‘slight increase in momentum will likely result in a higher trading range of 1.1140/1.1205 rather than a sustained advance.’ The EUR subsequently traded in a wider range than expected (1.1123/1.1202), closing slightly lower by 0.12% (1.1163). In other words, we continue to expect the EUR to trade in a range, probably between 1.1130 and 1.1195.”
1-3 WEEKS VIEW: “Our update from last Thursday (September 26, pair at 1.1130) remains valid. As highlighted, the EUR ‘has probably entered a range trading phase, probably between 1.1060 and 1.1215.’ Looking ahead, the EUR not only has to break above 1.1215 but also 1.1230 before a sustained rise towards 1.1275 can be expected.”
Source: Fx Street
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