EUR/USD: Expected to trade sideways between 1.1590 and 1.1665 – UOB Group

Euro (EUR) is expected to trade sideways between 1.1590 and 1.1665 against US Dollar (USD). In the longer run, EUR weakness appears to have stabilised; for the time being, it is likely to consolidate in a range of 1.1550/1.1720, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR weakness appears to have stabilised

24-HOUR VIEW: "When EUR was at 1.1615 in the early Asian session last Friday, we expected EUR to 'trade in a sideways range of 1.1585/1.1655.' The subsequent price action did not turn as we expected. EUR rose to a high of 1.1671 and then pulled back to close at 1.1625 (+0.26%). The advance did not result in a significant increase in upward momentum. Today, we continue to expect sideways trading, likely between 1.1590 and 1.1665."

1-3 WEEKS VIEW: "Our update from last Thursday (17 Jul, spot at 1.1630) remains valid. As highlighted, the recent ''EUR weakness has stabilised.' For the time being, we expect EUR to “consolidate in a range of 1.1550/1.1720.”