The Euro (EUR) is expected to trade in a 1.0795/1.0845 range.
The Euro is expected to trade in a 1.0795/1.0845 range. Risk of EUR breaking above 1.0850 has increased, albeit moderately, UOB Group analysts note. EUR is set to break above 1.0850 24-HOUR VIEW: “After EUR edged higher last Friday, we noted yesterday that ‘upward momentum has not increased much further.’ We indicated that “instead of pulling back, EUR is more likely to trade in a range between 1.0800 and1.0845.” Our view was not wrong, as EUR traded between 1.0800 and 1.0845, closing at 1.
Momentum indicators are turning flat, and we continue to expect EUR to trade in a range today, expected to be between 1.0795 and 1.0845.” 1-3 WEEKS VIEW: “Last Thursday , we indicated that ‘while the increase in momentum suggests further EUR strength, it is too early to determine if it can reach the major resistance at 1.0850.’ After EUR rose, we indicated yesterday that ‘the risk of EUR breaking above 1.0850 has increased, albeit moderately.’ We continue to hold the same view.
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