Euro (EUR) is likely to trade with an upward bias; a clear break above 1.0405 appears unlikely. In the longer run, outlook remains unclear; price movements are likely to stay within a 1.0250/1.0450 range for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Clear break above 1.0405 appears unlikely
24-HOUR VIEW: "Yesterday, we expected EUR to 'drift lower.' However, instead of drifting lower, EUR rose sharply, reaching a high of 1.0380 in NY trade. Upward momentum is building, and EUR is likely to trade with an upward bias today. Currently, it does not appear to have enough momentum to break clearly above 1.0405 (minor resistance is at 1.0385). Support is at 1.0340; a breach of 1.0315 would indicate that the buildup in momentum has faded."
1-3 WEEKS VIEW: "There is not much to add to our update from yesterday (11 Feb, spot at 1.0305). As highlighted, 'the outlook remains unclear, but the price movements are likely to stay within a narrower 1.0250/1.0450 range for now.”
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