EUR/USD: Expected to continue to trade in a range – UOB Group
|The Euro (EUR) is expected to continue to trade in a range, most likely between 1.0480 and 1.0535. In the longer run, instead of a rebound, EUR is expected to trade in a range for now, most likely between 1.0430 and 1.0580, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
EUR is expected to trade between 1.0430 and 1.0580
24-HOUR VIEW: “Following EUR sharp drop to 1.0459 on Monday, we highlighted yesterday (Tuesday) that ‘deeply oversold conditions and slowing momentum indicate that EUR is unlikely to weaken further.’ We expected EUR to ‘trade in a 1.0470/1.0540 range.’ Although our view of range trading was correct, EUR traded in a narrower range than expected (1.0479/1.0535), closing slightly higher at 1.0509 (+0.11%). The relatively quiet price action provides no fresh clues, and we continue to expect EUR to trade in a range, most likely between 1.0480 and 1.0535.”
1-3 WEEKS VIEW: “We highlighted yesterday (03 Dec, spot at 1.0500) that “instead of a rebound, EUR is expected to trade in a range for now, most likely between 1.0430 and 1.0580.” EUR then traded in a relatively quiet manner, and our view remains unchanged.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.