Price action did not result in any increase in either downward or upward momentum; Euro (EUR) is likely to trade between 1.1290 and 1.1390 vs US Dollar (USD). In the longer run, current price movements are likely part of a consolidation phase between 1.1225 and 1.1410, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Current price movements are likely part of a consolidation phase
24-HOUR VIEW: “We noted yesterday that EUR ‘is under mild downward pressure.’ We expected it to edge lower, but we were of the view that ‘any decline is likely limited to a test of 1.1280. Although EUR subsequently dipped to 1.1278, it rebounded strongly to 1.1381 and closed at 1.1368 (+0.48%). In early Asian trade today, EUR fell sharply from the closing level. The price action did not result in any increase in either downward or upward momentum. Today, we expect EUR to trade in a range between 1.1290 and 1.1390.”
1-3 WEEKS VIEW: “Not much has changed since our update yesterday (06 May, spot at 1.1310). As highlighted, we view the current price movements as part of a consolidation phase and expect EUR to trade between 1.1225 and 1.1410 for now.”
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