The Euro (EUR) is anticipated to trade within a higher range of 1.1110 to 1.1180, with solid momentum suggesting potential for further gains. Analysts from UOB Group FX, Quek Ser Leang and Lee Sue Ann, highlight that while the EUR’s strength is evident, it remains uncertain if it will approach the 2023 high of 1.1275.
24-Hour View: The EUR briefly dipped to 1.1099 during New York trading before rising to 1.1173, closing at 1.1150, a gain of 0.18%. For today, the EUR could surpass 1.1173; however, any advance is expected to remain within the established range of 1.1110 to 1.1180. It is unlikely that the EUR will break significantly below 1.1110 or above 1.1180.
1-3 Weeks View: The EUR recently surpassed December’s peak of 1.1140, reaching a high of 1.1173 and closing at a 13-month high of 1.1150. Although upward momentum suggests continued strength, it is uncertain if the EUR will reach the 2023 high of 1.1275 within the next few weeks. A positive outlook for the EUR will be maintained as long as it remains above the strong support level of 1.1045.
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