There is a chance for EUR to test 1.1445; the major support at 1.1400 is unlikely to come under threat. In the longer run, Euro (EUR) is likely to trade in a range for now, probably between 1.1400 and 1.1570, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Major support at 1.1400 is unlikely to come under threat
24-HOUR VIEW: “In the early Asian session last Friday, we indicated that ‘the current price movements are likely part of a range trading phase between 1.1470 and 1.1540.’ EUR traded in a narrower range than expected (1.1489/1.1553), before closing at 1.1522 (+0.24%). While EUR gapped lower on open today, there has been no significant increase in downward momentum. However, there is a chance for EUR to test the 1.1445 support level. Based on the current momentum, the major support at 1.1400 is unlikely to come under threat. On the upside, resistance levels are at 1.1515 and 1.1540.”
1-3 WEEKS VIEW: “In our most recent narrative from last Thursday (19 Jun, spot at 1.1475), we highlighted that EUR ‘is likely to trade in a range for now, probably between 1.1400 and 1.1570.’ We continue to hold the same view.”
