Further range trading in Euro (EUR) appears likely, with an expected range of 1.0480/1.0550. In the longer run, EUR is expected to trade in a range for now, most likely between 1.0430 and 1.0580, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

Further range trading in EUR appears likely

24-HOUR VIEW: “EUR traded in a 1.0479/1.0535 range on Tuesday. Yesterday (Wednesday), we indicated that ‘The relatively quiet price action provides no fresh clues, and we continue to expect EUR to trade in a range, most likely between 1.0480 and 1.0535.’ While EUR subsequently traded in a wider range of 1.0471/1.0544, it closed largely unchanged for the second day in a row (1.0510, +0.01%). There has been no increase in either downward or upward momentum, and further range trading seems likely. Expected range for today: 1.0480/1.0550.”

1-3 WEEKS VIEW: “Our latest narrative was from two days ago (03 Dec, spot at 1.0500), wherein ‘instead of a rebound, EUR is expected to trade in a range for now, most likely between 1.0430 and 1.0580.’ EUR traded in a range over the past couple of days, and there is no change in our view.”