EUR/USD: Expected to trade sideways between 1.1590 and 1.1665 – UOB Group

FXStreet Insights Team FXStreet

Euro (EUR) is expected to trade sideways between 1.1590 and 1.1665 against US Dollar (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: "When EUR was at 1.1615 in the early Asian session last Friday, we expected EUR to 'trade in a sideways range of 1.1585/1.1655.' The subsequent price action did not turn as we expected. EUR rose to a high of 1.1671 and then pulled back to close at 1.1625 (+0.26%). The advance did not result in a significant increase in upward momentum. Today, we continue to expect sideways trading, likely between 1.1590 and 1.1665."

1-3 WEEKS VIEW: "Our update from last Thursday (17 Jul, spot at 1.1630) remains valid. As highlighted, the recent ''EUR weakness has stabilised.' For the time being, we expect EUR to “consolidate in a range of 1.1550/1.1720.”

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FXStreet Insights Team

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