Euro holds steady within established range against US Dollar – UOB

A near-term range of 1.1185 to 1.1230 is expected for the Euro (EUR), according to United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann. With EUR/USD trading in a tighter range than they had anticipated, the analysts say there is still no clear directional signal. For the coming weeks, they retain their range-trading outlook of 1.1170–1.1270, while seeing potential for a corrective recovery above 1.1280.

Euro-Dollar remains in a narrow trading range

"24-HOUR VIEW: Last Friday, we indicated that EUR “could trade between 1.1185 and 1.1250.” EUR then traded within a narrower range of 1.1183/1.1226. The price action provides no fresh clues. Today, EUR could trade between 1.1185 and 1.1230."

"1-3 WEEKS VIEW: We have been expecting EUR to trade in a range since the middle of the month. In our most recent narrative from last Thursday (22 Oct, spot at 1.1230), we stated that “the price movements since then still appear to be part of a rangetrading phase, but a narrower 1.1170/1.1270 range is likely sufficient to contain EUR for now.” We continue to hold the same view. "

(An editor reviewed this article, which was produced with assistance from an Artificial Intelligence tool. Find out more.)