EUR/USD: Likely to trade in a sideways range of 1.1585/1.1655 – UOB Group
|Slowing momentum suggests that instead of continuing to weaken, Euro (EUR) is more likely to trade in a sideways range of 1.1585/1.1655 against US Dollars (USD). In the longer run, EUR weakness appears to have stabilised; for the time being, it is likely to consolidate in a range of 1.1550/1.1720, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
EUR weakness appears to have stabilised
24-HOUR VIEW: "Yesterday, we expected EUR to 'trade between 1.1580 and 1.1680.' Our expectation was incorrect, as EUR dipped to a low of 1.1555 and then rebounded. The rebound and slowing momentum suggests that instead of continuing to weaken, EUR is more likely to trade sideways, probably between 1.1585 and 1.1655."
1-3 WEEKS VIEW: "We revised our EUR view from negative to neutral yesterday (17 Jul, spot at 1.1630). We indicated that EUR 'weakness has stabilised.' We also indicated that 'for the time being, EUR is likely to consolidate in a range of 1.1550/1.1720.' There is no change in our view."
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