EUR/USD: Movements appear to be part of a 1.1365/1.1435 range trading phase – UOB Group
|The current price movements appear to be part of a 1.1365/1.1435 range trading phase. In the longer run, Euro (EUR) appears to have entered a range trading phase between 1.1330 and 1.1495, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR appears to have entered a range trading phase
24-HOUR VIEW: "Last Thursday, EUR rose to 1.1494 before pulling back. On Friday, we indicated that 'while upward momentum is slowing, EUR could potentially retest 1.1495 or even break above this level.' We added, 'given the lack of strong momentum, any advance above 1.1495 is unlikely to reach the next major resistance at 1.1530.' Our assessments were incorrect, as EUR fell to a low of 1.1369 in the NY session. The current price movements appear to be part of range trading phase. Today, we expect EUR to trade between 1.1365 and 1.1435."
1-3 WEEKS VIEW: "Last Tuesday (03 Jun, spot at 1.1445), we revised our EUR view to positive, indicating that 'the immediate levels to watch are 1.1495 and 1.1530.' After EUR rose to 1.1494, we indicated last Friday (06 Jun, spot at 1.1450) that 'the outlook for EUR remains positive, but it remains to be seen if it can break clearly above 1.1530.' We did not expect EUR to pull back to 1.1369. Although our ‘strong support’ level at 1.1365 has not been breached yet, upward momentum has largely faded. EUR appears to have entered a range trading phase, likely between 1.1330 and 1.1495."
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