EUR/USD: Likely to trade in a range between 1.1280 and 1.1400 – UOB Group
|Euro (EUR) is likely to trade in a range between 1.1280 and 1.1400 vs US Dollar (USD). In the longer run, further EUR strength is not ruled out, but it may first range-trade for a couple of days, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Further EUR strength is not ruled out
24-HOUR VIEW: "Following the sharp rally in EUR last Friday, we indicated yesterday (Monday) that 'the rally may take a pause.' We were of the view that EUR 'is likely to trade between 1.1240 and 1.1415.' EUR then traded in a narrower range than expected (1.1295/1.1424), closing slightly lower by 0.10% at 1.1349. We continue to expect EUR to trade in a range today, likely between 1.1280 and 1.1400."
1-3 WEEKS VIEW: "The next resistance is at 1.1500. The following are the excerpts from our update yesterday (14 Apr, spot at 1.1340: 'While further EUR strength is not ruled out, deeply overbought short-term conditions could lead to a couple of days of range-trading first. As long as 1.1180 (‘strong support’ level) is not breached, the EUR strength that started early this month could extend to 1.1500.' Our update remains valid, but the ‘strong support’ level has moved higher to 1.1210 from 1.1180."
BRANDED CONTENT
Finding the right broker for trading EUR/USD is crucial, and we've identified the top choices for this major currency pair. Read about their unique features to make an informed decision.
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.