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The Euro (EUR) is likely to trade in a sideways range of 1.0985/1.1045. Upward momentum has been rejuvenated. The next level to watch is 1.1070, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
24-HOUR VIEW: “We highlighted yesterday that EUR ‘could move higher and break above last week’s high near 1.1010.’ We also highlighted that ‘the next resistance at 1.1050 is likely out of reach.’ Our view was correct, as EUR rose to 1.1047, pulling back to close at 1.1012 ( 0.18%). The pullback in overbought conditions suggests EUR is unlikely to rise further. Today, EUR is more likely to trade in a sideways range of 1.0985/1.1045.”
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