EUR/USD: Likely to trade in a range of 1.1690/1.1750 – UOB Group
|There has no significant shift in either downward or upward momentum; Euro (EUR) is likely to trade in a range of 1.1690/1.1750. In the longer run, EUR is likely to trade between 1.1675 and 1.1790 for the time being, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
No significant shift in either downward or upward momentum
24-HOUR VIEW: "EUR traded in a range of 1.1712/1.1778 two days ago and then closed largely unchanged at 1.1729. Yesterday, we indicated that 'we are not able to derive much from the price movements.' We added, 'we continue to expect EUR to trade in a range, most likely between 1.1700 and 1.1760.' The subsequent price action did not quite turn out as expected. After testing the top of our expected range of 1.1760 (high was 1.1758), EUR fell sharply to 1.1681, and then quickly rebounded to close at 1.1714 (-0.13%). There has been no significant shift in either downward or upward momentum, and we continue to expect range-trading today, most likely within a range of 1.1690/1.1750."
1-3 WEEKS VIEW: "Not much has changed since our update yesterday (02 Oct, spot at 1.1735). As highlighted, 'we are neutral on EUR now and expect it to trade between 1.1675 and 1.1790 for the time being'."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.