Euro: Is trading against the US Dollar confined to a clear range? – UOB

With no clear directional signals, EUR/USD remains range-bound and has traded within a tighter band than anticipated, according to United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann. They expect the Euro (EUR) to fluctuate between 1.1185 and 1.1230 in the near term. For the weeks ahead, they retain their range-trading outlook of 1.1170–1.1270, while seeing room for a corrective recovery above 1.1280.

Will Euro-Dollar Remain Within Its Tight 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. "

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Learn more.)