Price movements did not result in any increase in either downward or upward momentum; Euro (EUR) is likely to trade in a range of 1.1390/1.1445 against US Dollar (USD). In the longer run, EUR appears to have entered a range trading phase between 1.1330 and 1.1495, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
EUR appears to have entered a range trading phase
24-HOUR VIEW: “We indicated yesterday that ‘the current price movements appear to be part of a range trading phase’, and we expected EUR to ‘trade between 1.1365 and 1.1435.’ EUR subsequently traded in a range of 1.1385/1.1439. The price movements did not result in any increase in either downward or upward momentum. We continue to expect EUR to trade in a range, likely between 1.1390 and 1.1445.”
1-3 WEEKS VIEW: “Yesterday (09 Jun, spot at 1.1405), we revised our view to neutral, indicating that EUR ‘appears to have entered a range trading phase, likely between 1.1330 and 1.1495.’ There is no change in our view.”
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