FX strategists at UOB Group suggested that the EUR/USD trade within the 1.1240-1.1395 range in the coming weeks.
24-hour perspective: “The euro was trading between 1.1283 and 1.1331 yesterday, a narrower channel than our expected lateral trading range between 1.1280 and 1.1340. The quiet price action offers no new clues and further lateralization would not be surprising. Expected range for today is between 1.1275 and 1.1335.”
Next 1-3 weeks: “On Tuesday (Jan 4, pair at 1.1305), we highlighted that the outlook for the EUR was unclear and we expected the euro to trade between 1.1240 and 1.1395. The single currency has traded tenuously in recent days and not there is no change in our opinion for now. Looking ahead, the downside risk appears to be a bit higher, but at this stage, no early signs that the euro is ready to move in any direction in a sustained manner.”
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
