Euro: Sideways bias within defined band against US Dollar – UOB

UOB’s Quek Ser Leang highlights that EUR/USD price action offers few fresh clues after a dip to 1.1381 and rebound to 1.1436, with the pair expected to trade between 1.1385 and 1.1435 intraday. On a 1–3 week view, recent Euro weakness has stabilised, with trading likely confined to a 1.1335–1.1470 range. A break of 1.1390/1.1410 would expose 1.1210.

Euro-Dollar stabilises after recent weakness

"24-HOUR VIEW: While we indicated yesterday that EUR “could edge higher,” we pointed out that “based on the prevailing momentum, any advance is likely limited to a test of 1.1445.” The subsequent price movements did not turn out as expected, as EUR dipped to 1.1381, rebounded to 1.1436 before closing marginally higher by 0.01% at 1.1421. The price action provides no fresh clues. Today, EUR could trade between 1.1385 and 1.1435."

"1-3 WEEKS VIEW: Our update from two days ago (29 Jun, spot at 1.1385) still stands. As highlighted, the recent “weakness in EUR has stabilised,” and EUR “is likely to trade in a range between 1.1335 and 1.1470.” "

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