Euro (EUR) strength has ended; for the time being, it is likely to trade in a range between 1.0845 and 1.0945, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.

EUR/USD trades towards 1.0845

24-HOUR VIEW: “We indicated yesterday that ‘barring a break below 1.0875, EUR could edge higher.’ We added, ‘given the lackluster momentum, a sustained break above 1.0920 is unlikely.’ However, EUR did not edge higher, as it traded sideways between 1.0871 and 1.0902, closing at 1.0889 (+0.11%). Further sideways trading seems likely today, probably in a range of 1.0875/1.0910.”

1-3 WEEKS VIEW: “There is not much to add to our update from yesterday (22 Jul, spot at 1.0895). As highlighted, the recent EUR strength that started two weeks ago has come to an end. The current price action is likely part of a range trading phase. For the time being, we expect EUR to trade between 1.0845 and 1.0945.”