The Euro (EUR) is expected to trade in a 1.0875/1.0915 range. Upward momentum is slowing; it remains to be seen if EUR can rise further to 1.0940, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.

Above 1.0915 is set to reach 1.0940

24-HOUR VIEW: “We expected EUR to trade in a range between 1.0875 and 1.0915 yesterday. EUR subsequently traded between 1.0870 and 1.0905, closing largely unchanged (1.0897, +0.03%). Momentum indicators are mostly flat, and we continue to expect EUR to trade in a 1.0875/1.0915 range.”

1-3 WEEKS VIEW: “Our update from yesterday (16 Jul, spot at 1.0895) is still valid. As highlighted, while there is still scope for EUR to rise further, upward momentum is slowing, and it remains to be seen if any further advance can reach 1.0940. On the downside, a breach of 1.0850 (no change in ‘strong support’ level) would mean that the EUR strength from early this month has run its course.”