Euro: Sideways consolidation inside defined band against US Dollar – UOB
UOB strategists Quek Ser Leang and Lee Sue Ann highlight that EUR/USD extended modest gains as the US Dollar (USD) weakened on softer Treasury yields and better risk sentiment. Near-term, they see the Euro (EUR) trapped in a narrow intraday range, while the 1–3 week view keeps the pair in a broader consolidation band, with a 1–3 month corrective recovery potentially stretching above the 21-day…
Euro (EUR) and US Dollar (USD) remain relatively stable against each other, with EUR/USD trading inside a defined range. UOB strategists Quek Ser Leang and Lee Sue Ann note that EUR/USD gained modestly as the US Dollar weakened due to lower Treasury yields and improving risk sentiment. Current expectations are for EUR to remain confined to a narrow intraday trading band, with a broader consolidation band expected over the next 1-3 weeks and a potential corrective recovery above the 21-day Exponential Moving Average (EMA) over the following 1-3 months.
Yesterday's expectation of range-trading proved inaccurate, as EUR briefly increased to 1.1260 before closing at 1.1236, indicating no significant upward momentum. The analysts anticipate EUR to continue trading within a range today, likely between 1.1205 and 1.1255.
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