Euro Enters Range-Trading Phase Against US Dollar
The Euro (EUR) has entered a range-trading phase against the US Dollar (USD), according to analysts at United Overseas Bank's (UOB). The pair held near 1.1650 after a brief dip, with intraday action lacking strong downside momentum. UOB's Quek Ser Leang and Lee Sue Ann report that the earlier bullish phase has faded after a break of strong support at 1.1640.
The analysts expect EUR/USD to trade between 1.1600 and 1.1685 in the coming days, as the pair appears to have shifted from an upward momentum to range-trading. This comes after EUR dipped to a low of 1.1636 yesterday before recovering to close largely unchanged at 1.1651 (+0.02%).
In their longer-term view, UOB's analysts still flag upside targets at 1.1800 and 1.1850 for the pair. They had previously turned positive on EUR early last week and highlighted that 'there is room for further upside in EUR toward 1.1725.'