EUR/USD: Likely to trade between 1.1510 and 1.160 – UOB Group
|Momentum indicators remain flattish; Euro (EUR) is expected to trade in a range against US Dollar (USD), likely between 1.1510 and 1.1605. In the longer run, upward momentum has slowed somewhat; a breach of 1.1480 would suggest EUR may trade in a range instead of rising further, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Upward momentum has slowed somewhat
24-HOUR VIEW: "We noted yesterday that 'momentum is turning flat', and we expected EUR to 'consolidate in a range of 1.1495/1.1600.' EUR subsequently traded in a higher range than expected (1.1522/1.1614) before closing largely unchanged at 1.1561 (+0.08%). Momentum indicators remain flattish, and we continue to expect range trading, likely between 1.1510 and 1.1605."
1-3 WEEKS VIEW: "We turned positive on EUR last Thursday. Following the sharp pullback in EUR last Friday, we pointed out yesterday (16 Jun, spot at 1.1540) that 'upward momentum has slowed somewhat, and a breach of 1.1480 would suggest that EUR may trade in a range instead of rising further.' EUR subsequently traded in a range, closing largely unchanged, and there is no change in our view."
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