Euro's Upside Bias Contained Within Narrow Range

UOB's analysts, Quek Ser Leang and Lee Sue Ann, say EUR/USD has been range-bound near 1.1630, trading between 1.1619 and 1.1653 in recent sessions.

The pair maintains an upside bias but expects the Euro to stay within a defined band of 1.1585-1.1670 over the coming weeks.

Looking at their shorter-term view, they anticipate EUR/USD to trade between 1.1610 and 1.1650 in the next 24 hours, with no significant shift in momentum.

Longer term, while Quek Ser Leang and Lee Sue Ann see near-term downward pressure on the Euro, they doubt a sustained break below 1.1505 given prevailing momentum.