Euro Expected to Trade in 1.1050/1.1125 Range in the Short Term, Analysts Note
The Euro (EUR) is anticipated to stay within a range of 1.1050 to 1.1125, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. In the longer run, the upward momentum has faded, and the EUR is projected to fluctuate between 1.1040 and 1.1200.
In the short term, EUR is experiencing oversold conditions, with a potential trading range of 1.1050 to 1.1125. Despite a recent sharp drop, the major support at 1.1040 is expected to hold firm. However, if EUR breaks below 1.1040, it could lead to a deeper pullback to 1.0890.
Looking ahead, as long as EUR remains above 1.1040, there is a possibility for it to rise to 1.1200. However, a clear break below 1.1040 could signal a bearish trend towards 1.0890.
Analysis: In summary, the Euro is expected to trade within a narrow range in the short term, with a potential for a slight rebound towards 1.1200. However, a break below 1.1040 could indicate a more significant decline towards 1.0890. It is important for investors to monitor these levels closely to make informed decisions regarding their investments in the Euro.