Euro (EUR) is expected to trade in a sideways range of 1.0440/1.0495 vs US Dollar (USD). In the longer run, upward momentum has slowed somewhat; but only a breach of 1.0425 would indicate that EUR is not ready to rise above 1.0530, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Upward momentum has slowed somewhat
24-HOUR VIEW: "Yesterday, we expected EUR to trade in a 1.0450/1.0505 range. However, EUR rose briefly to 1.0528, pulling back sharply to a low of 1.0452. EUR closed largely unchanged at 1.0466 (+0.08%). The price movements did not result in any increase in either downward or upward momentum. Today, we expect EUR to trade in a sideways range of 1.0440/1.0495."
1-3 WEEKS VIEW: "In our latest narrative from last Friday (21 Feb, spot at 1.0500), we highlighted that 'the rejuvenated upward momentum suggests EUR could continue to advance.' We pointed out, 'there are a pair of major resistance levels at 1.0530 and 1.0560.' Yesterday, EUR rose to 1.0528, a couple of pips below 1.0530. It then pulled back sharply to close at 1.0466. Although upward momentum has slowed somewhat, only a breach of 1.0425 (no change in ‘strong support’ level) would indicate that EUR is not ready to rise above 1.0530."
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