Analysts at UOB suggest that EUR is expected to trade sideways, likely not straying much out of yesterday’s 1.1359/1.1424 range.
Key Quotes
“24-Hour View: Against our expectation for a dip below 1.1356, EUR traded mostly sideways within a 1.1359/1.1424 range yesterday. Indicators are mostly flat now and the current movement is deemed as part of a consolidation phase. From here, EUR is expected to trade sideways, likely not straying much of out of yesterday’s 1.1359/1.1424 range.”
“1-3 Weeks View:
Neutral (since 21 Aug 18, 1.1485): Upward pressure has eased; EUR to trade sideways for now. EUR traded in a relatively quiet manner before ending the day slightly higher (NY close of 1.1383, +0.11%).
The recent upward pressure has eased and EUR is expected to trade sideways for now, likely within a broad range of 1.1280/1.1440. Looking further ahead, the bias after the current consolidation phase has ended is on the upside but 1.1475/1.1500 is acting as a solid resistance zone and it may take up to several weeks before chance of EUR breaking these levels.”
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