EUR/USD: Expected to trade in a range between 1.1675 and 1.173 – UOB Group
|Euro (EUR) is expected to trade in a range between 1.1675 and 1.1735. In the longer run, EUR could rise but any advance is likely part of a higher range of 1.1650/1.1790, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Any advance is likely part of a higher range
24-HOUR VIEW: "Two days ago, EUR rose to a high of 1.1779 and then pulled back sharply. Yesterday, we indicated that 'the pullback has scope to test 1.1690 before stabilisation is likely.' We were of the view that 'the major support at 1.1650 is not expected to come under threat.' EUR subsequently dipped to a low of 1.1681 before closing slightly lower at 1.1693 (-0.11%). The price action did not result in any increase in either downward or upward momentum. Today, we expect EUR to trade in a range, most likely between 1.1675 and 1.1735."
1-3 WEEKS VIEW: "Our latest narrative was from Monday (08 Sep, spot at 1.17150, in which we highlighted that EUR 'could rise but any advance is likely part of a higher range of 1.1650/1.1790.' Our view remains unchanged."
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