EUR/USD: Bias for EUR is on the upside – UOB Group
Outlook is unclear; Euro (EUR) could continue to trade in a choppy manner vs US Dollar (USD), probably between 1.0810 and 1.0955. In the longer run, bias for EUR is on the upside; the 1.0955/1.0985 zone is expected to offer solid resistance, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR can continue to trade in a choppy manner
24-HOUR VIEW: "We expected EUR to “trade in a lower range of 1.0770/1.0820” yesterday. EUR subsequently dipped to 1.0779, but during the late NY session, it swung wildly before closing at 1.0855 (+0.57%). The outlook is unclear after the volatile price action. Today, EUR could continue to trade in a choppy manner, probably between 1.0810 and 1.0955."
1-3 WEEKS VIEW: "Two days ago (01 Apr, spot at 1.0815), we pointed out that “the current price movements are likely part of a range trading phase, and EUR is expected to trade in a 1.0730/1.0845 range for now.” Yesterday, in a sudden move, EUR jumped, reaching a high of 1.0924. While there has been an increase in upward momentum, it is too early to expect a significant rise for now. Overall, the bias for EUR is on the upside but note that the 1.0955/1.0985 zone is expected to offer solid resistance. To sustain the momentum, EUR must remain above 1.0770."
Forex News
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.
