Euro (EUR) is likely to trade between 1.0860 and 1.1030. In the longer run, decrease in momentum indicates the chance for EUR to rise has diminished; a breach of 1.0850 would suggest EUR has entered a range-trading phase, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Chance for EUR to rise has diminished
24-HOUR VIEW: “EUR traded choppily yesterday before closing at 1.0904, down by 0.47%. The price action provides no fresh clues. Today, we expect EUR to trade between 1.0860 and 1.1030.”
1-3 WEEKS VIEW: “Our most recent update was from last Friday (04 Apr, spot at 1.1040), wherein we highlighted that ‘while the upside risk is intact, it remains to be seen if EUR can break the significant weekly resistance zone of 1.1215/1.1230.’ We added, ‘the upside risk will stay intact as long as 1.0850 (‘strong support’ level) is not breached. Yesterday, EUR fell to a low of 1.0881. The decrease in upward momentum indicates the chance for EUR to rise to 1.1215/1.1230 has diminished. However, only a breach of 1.0850 would indicate that EUR has entered a range trading phase.”
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