Euro (EUR) Forecast: Trading Range Expected Between 1.1040 and 1.1200
In the latest analysis by top investment managers at UOB Group, experts Quek Ser Leang and Lee Sue Ann predict that the Euro (EUR) will remain rangebound between 1.1040 and 1.1200.
24-Hour View:
Despite initial expectations of the EUR edging above 1.1200, the currency experienced a sharp decline, closing at 1.1120, marking its biggest one-day drop in 2-1/2 months. While the drop may seem overextended, there is still potential for the EUR to fall further to 1.1095 before stabilizing. However, the major support level at 1.1040 is not likely to be breached. Resistance levels are identified at 1.1145 and 1.1165.
1-3 Weeks View:
Following a significant surge in the EUR last Friday, analysts forecasted a potential rise to 1.1275, as long as the strong support level at 1.1105 remained intact. However, the EUR saw a sharp decline, dropping to 1.1104, causing the upward momentum to dissipate. As a result, the EUR is expected to trade within a range of 1.1040 and 1.1200 in the near term. Despite the recent setback, as long as the EUR does not break below 1.1040, there remains a chance for it to rise above 1.1200 in the future.
Analysis:
In summary, the Euro (EUR) is anticipated to remain within a range of 1.1040 and 1.1200, with potential for further declines in the short term. However, as long as the major support level at 1.1040 holds, there is still a possibility for the EUR to recover and rise above 1.1200. Investors should closely monitor these levels to make informed decisions regarding their investments and financial strategies.