is now expected to trade within the 1.0590-1.0730 range in the next few weeks, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: Our view that EUR could trade in a range yesterday was incorrect, as it soared to 1.0736, plunged to 1.0648, and then closed at 1.0659 . The sharp and swift drop appears to be overdone, but with no signs of stabilisation just yet, EUR could dip below the major support at 1.0630 before stabilisation is likely.
Next 1-3 weeks: Two days ago , we indicated that “downward momentum is beginning to wane.” We added, “in order to keep the momentum going, EUR must break and stay below 1.0630 in the next couple of days, or the odds of further decline will diminish rapidly.” Yesterday, EUR broke above our ‘strong resistance’ level of 1.0730 before dropping back down quickly. Downward pressure appears to have eased. From here, EUR is likely to trade in a range of 1.0590/1.0730.
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