The Euro (EUR) is anticipated to trade within the range of 1.1085 to 1.1155, as indicated by UOB Group FX strategists Quek Ser Leang and Peter Chia. The current solid momentum suggests potential for further EUR strength, although it remains uncertain if the 2023 high of 1.1275 will be reached.
24-Hour View:
Yesterday, EUR was expected to trade between 1.1110 and 1.1180. Instead, it moved within a narrower range of 1.1095 to 1.1164, closing at 1.1112, marking a 0.34% decrease. This price action is likely part of a broader range-trading phase. For today, the expected trading range is set between 1.1085 and 1.1155.
1-3 Weeks View:
The outlook remains consistent with the previous assessment from August 22, when the spot rate was 1.1155. The solid momentum observed suggests that the EUR could strengthen further. However, whether it can approach the 2023 high of 1.1275 in the coming weeks is still uncertain. A positive EUR outlook will be maintained as long as the ‘strong support’ level at 1.1045 holds.
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