An additional limiting range is likely in the EUR/USD in the coming weeks, say UOB Group analysts Lee Sue Ann and Quek Ser Leang.
24 hour perspective: Our expectations that the EUR would rally further yesterday did not materialize as it traded between 1.0710 and 1.0764 before closing at 1.0728 (-0.22%). The current price movements are likely to be part of a consolidation. Today we expect the Euro to trade in a range of 1.0690/1.0760.
Next 1-3 weeks: Not much to add to our update from Tuesday (September 12, pair at 1.0750). As we have highlighted, the recent weakness of the Euro has stabilized. From now on, The Euro is likely to move within a range, probably between 1.0690 and 1.0820. Going forward, if the Euro breaks and sustains below 1.0690, the risk of a drop towards the main support at 1.0635 will increase.
Source: Fx Street
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