The Euro (EUR) is expected to trade within a specific range in the short term according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. They predict that the Euro will likely trade between 1.0855 and 1.0905 in the near future. However, in the longer term, the Euro is expected to continue to rise. It may take some time before reaching the level of 1.0915.
In the 24-hour view, the Euro was expected to trade within a range of 1.0845 to 1.0900. However, it rose to a high of 1.0911 instead. Despite the unexpected increase, it closed at 1.0906 with a 0.38% increase. The analysts believe that the strong rise over the previous week may have been overstretched, and they continue to expect the Euro to trade within a range of 1.0855 to 1.0905.
Looking ahead to the 1-3 week view, the analysts had previously indicated that the Euro is expected to continue rising. They also mentioned that severely overbought conditions may delay the Euro reaching 1.0915 for a couple of days. Despite the slowdown in upward momentum, there is still a possibility for the Euro to reach 1.0915. A breach of 1.0835, which was previously a strong support level at 1.0825, would suggest an end to the Euro’s strength from over a week ago.
Overall, the Euro is expected to trade within a specific range in the short term, likely between 1.0855 and 1.0905. In the longer term, the Euro is anticipated to continue rising, although it may take some time before reaching 1.0915. The analysts believe that the strong rise in the Euro over the past week may have been overstretched, and they expect the Euro to trade within the specified range. Despite a slowdown in upward momentum, there is still a possibility for the Euro to reach 1.0915 in the coming days. A breach of the strong support level at 1.0835 would indicate an end to the Euro’s previous strength.
