Price movements in Euro (EUR) vs US Dollar (USD) are likely part of a range trading phase between 1.0845 and 1.0910. In the longer run, more than week-long rally is taking a pause; EUR is likely to consolidate in a 1.0680/1.0950 range for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "Last Thursday, EUR fell to a low of 1.0820. On Friday, we noted a 'mild downward pressure', and we were of the view that EUR 'could edge below 1.0820 but is unlikely to reach 1.0770.' EUR subsequently dipped to 1.0829 before staging a surprising sharp, but brief, rise to 1.0912. EUR closed higher by 0.25% at 1.0879. The price movements are likely part of a range trading phase, probably between 1.0845 and 1.0910."
1-3 WEEKS VIEW: "After holding positive EUR view for more than a week, we revised our outlook to neutral last Friday (14 Mar, spot at 1.0850). We indicated the following: 'The more than week-long rally is taking a pause, and the current price movements are likely part of a consolidation phase. For now, we expect EUR to trade in a 1.0680/1.0950 range. While this range may seem wide, it is not unexpected given the size of the recent rally.' Our update still stands."
Keep up with the financial markets, know what's happening and what is affecting the markets with our latest market updates. Analyze market movers, trends and build your trading strategies accordingly.