EUR/USD: Likely to trade within a range of 1.1605/1.1650 – UOB Group

Euro (EUR) is likely to trade within a range of 1.1605/1.1650. In the longer run, for the time being, EUR is likely to trade between 1.1585 and 1.1680, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Current price movements are likely part of a range-trading phase

24-HOUR VIEW: "When EUR was at 1.1615 in the early Asian session last Friday, we stated that 'the price movements still appear to be part of a rangetrading phase.' We expected EUR to 'trade between 1.1590 and 1.1635.' EUR subsequently dipped to a low of 1.1599, rose briefly to a high of 1.1647 and then retreated to close largely unchanged at 1.1625 (+0.07%). The price movements did not lead to any increase in either downward or upward momentum, and EUR is likely to trade within a range of 1.1605/1.1650 today."

1-3 WEEKS VIEW: "Last Wednesday (22 Oct, spot at 1.1600), we highlighted that 'downward momentum is building.' We also highlighted that EUR 'is likely to trade with a downward bias, potentially retesting last week’s low of 1.1540.' Since then, EUR has not been able to make much headway on the downside, and the buildup in downward momentum has faded. The current price movements are likely part of a range-trading phase. For the time being, we expect EUR to trade between 1.1585 and 1.1680.