24-Hour View:
UOB analysts Quek Ser Leang and Victor Yong noted that the Euro (EUR) was expected to trade within the 1.1085 to 1.1145 range yesterday. However, during New York trading, the EUR briefly surged to 1.1189 before dropping to 1.1094, ultimately closing nearly flat at 1.1118 (+0.04%). Despite the volatility, the overall market tone appears to have softened. The analysts now expect the EUR to trade within a slightly lower range of 1.1080 to 1.1140 today.
1-3 Weeks View:
Earlier this week, UOB highlighted the likelihood of a continued rise in the EUR, though they expressed uncertainty about whether the currency has the momentum to surpass the year-to-date high near 1.1200. Despite yesterday’s brief rise to 1.1188, the EUR pulled back, closing largely unchanged and failing to gain additional momentum. Consequently, it remains unclear if the EUR can break above the 1.1200 mark. A breach of the 1.1060 level, previously identified as strong support at 1.1040, would suggest that the potential for further gains above 1.1200 has faded.
Related Topics:
- Current EUR Exchange Rate: 80 Euros in Pounds
- Current EUR Exchange Rate: 15 Euro in Australian Dollars
- Current EUR Exchange Rate: 8 Euros in Pounds
