The Euro (EUR) is expected to trade in a range, likely between 1.1130 and 1.1195. According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, in the longer run, the EUR has likely entered a range trading phase, probably between 1.1060 and 1.1215. For a sustained rise towards 1.1275, the EUR will have to break above 1.1230.
In a 24-hour view, analysts predict that there has been no increase in either downward or upward momentum, leading to the expectation that the EUR will continue to trade in a range, likely between 1.1130 and 1.1195. Last Friday, the EUR traded in a wider range than expected, closing slightly lower at 1.1163.
Looking ahead to the 1-3 week view, analysts still believe that the EUR has likely entered a range trading phase, probably between 1.1060 and 1.1215. In order for a sustained rise towards 1.1275, the EUR will have to break above both 1.1215 and 1.1230.
In conclusion, the Euro is expected to trade in a range between 1.1130 and 1.1195 in the short term, with the potential for a sustained rise towards 1.1275 if it breaks above 1.1230. In the longer run, the EUR has likely entered a range trading phase, probably between 1.1060 and 1.1215. Analysts recommend keeping a close eye on key resistance levels for potential opportunities in the Euro market.
