The Euro (EUR) is projected to trade within a narrow range of 1.0875 to 1.0915, according to FX analysts Quek Ser Leang and Lee Sue Ann from UOB Group. Despite a slight upward momentum, it remains uncertain whether the EUR can rise further to 1.0940.
Short-Term Outlook: Limited Movement
24-HOUR VIEW: Analysts anticipated the EUR to fluctuate between 1.0875 and 1.0915, and the currency did indeed trade within this range, closing largely unchanged at 1.0897 (+0.03%). With momentum indicators showing little change, the expectation remains that the EUR will continue to trade between 1.0875 and 1.0915 in the near term.
Medium-Term Outlook: Potential for Further Gains, But Momentum Waning
1-3 WEEKS VIEW: The update from July 16, when the EUR was at 1.0895, still holds. While there is potential for the EUR to rise further, the analysts caution that upward momentum is decelerating. A move to 1.0940 is possible but uncertain. On the downside, a drop below the strong support level of 1.0850 would indicate that the recent strength of the EUR has likely peaked.
In summary, while there is some potential for the Euro to advance, current indicators suggest limited movement within the specified range. The key levels to watch are 1.0940 on the upside and 1.0850 on the downside.
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