EUR/USD to Range Trade Between 1.1145 and 1.1235, Says UOB Group

EUR/USD: Range-Bound Trading Expected Between 1.1145 and 1.1235 – UOB Group

The Euro (EUR) against the US Dollar (USD) is likely to continue a range-bound trading pattern in the near term, with the most probable trading range being between 1.1145 and 1.1235, according to analysts Quek Ser Leang and Peter Chia from UOB Group.

EUR/USD has recently shown little upward or downward momentum, trading within a narrow range of 1.1169 to 1.1228 during the previous session. Despite the recent fluctuations, momentum indicators are flat, suggesting that the currency pair is in a consolidation phase, with no immediate signs of breaking out of this range.

24-HOUR VIEW: The pair surged briefly to 1.1265 before pulling back, confirming the expectation of limited movement in the near term. UOB Group's analysts maintain that EUR/USD is likely to continue trading within a well-defined range between 1.1145 and 1.1235.

1-3 WEEKS VIEW: Moving to a longer-term perspective, UOB Group has revised its outlook from negative to neutral, indicating that the pair is now in a consolidation phase. They expect EUR/USD to continue trading between 1.1100 and 1.1290 for the next few weeks. Unless there is a significant catalyst that shifts market sentiment, EUR/USD is likely to remain in this broad range, waiting for further direction from key economic data or geopolitical developments.

In conclusion, EUR/USD is poised to trade within a defined range for now, with no strong momentum driving the pair in either direction. Traders will be watching for any key events or data releases that could break the current trend and lead to a breakout.