Euro: Higher intraday band within broader range against US Dollar – UOB
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.
United Overseas Bank analysts, Quek Ser Leang and Lee Sue Ann, have noted that EUR/USD is currently consolidating after a brief increase. They anticipate the pair to trade within a slightly higher range of 1.1515–1.1550 intraday, as the overall tone strengthens. Over the next 1–3 weeks, they predict the Euro to be in a range-trading phase between 1.1480 and 1.1580, with potential medium-term recovery requiring a break above 1.1560/1.1565.
Two days ago, EUR reached a high of 1.1562 before sharply declining to close at 1.1524. Yesterday, when EUR was at 1.1525, the analysts indicated that a further pullback is possible, but any decline would likely remain contained within the 1.1510/1.1545 range. Their prediction turned out to be accurate, as EUR fell to 1.1510 before rebounding to 1.1545 and settling at 1.1527 (+0.03%).
Today, they maintain their expectation that EUR will trade within a range, but the slightly stronger underlying tone suggests it may trade in a higher range of 1.1515/1.1550.
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