Euro: Higher intraday band within broader range against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann highlight that EUR/USD is consolidating after a brief spike, with the pair expected to trade intraday in a slightly higher 1.1515–1.1550 range as the underlying tone firms. Over 1–3 weeks, they judge the Euro to be in a range-trading phase between 1.1480 and 1.1580, while a medium-term rebound needs a break above 1.1560/1.1565.

Euro consolidates inside defined ranges

"24-HOUR VIEW: Two days ago, EUR spiked to a high of 1.1562 and then pulled back sharply to close slightly lower at 1.1524. Yesterday, when EUR was at 1.1525, we stated that “further pullback is not ruled out, but given that downward momentum has not increased significantly, any decline is likely to be contained within a 1.1510/1.1545 range.” Our view turned out to be correct, as EUR dipped to 1.1510, rebounded to 1.1545 before settling at 1.1527 (+0.03%). Today, we continue to expect EUR to trade in a range, but the slightly firmer underlying tone suggests it is likely to trade within a higher range of 1.1515/1.1550."

"1-3 WEEKS VIEW: Our update from yesterday (13 Aug, spot at 1.1525) remains valid. As highlighted, EUR “appears to have entered a range-trading phase, and for the time being, we expect it to trade within a 1.1480/1.1580 range."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

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FXStreet Insights Team

FXStreet

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