In the opinion of the currency strategists of UOB Group, EUR / USD is forecast to hold the 1.1760-1.1920 trading range in the coming weeks.
24 hour perspective: “Yesterday we expected the EUR to trade sideways within a range of 1.1840 / 1.1890. However, the euro rose to a high of 1.1905 and then fell to 1.1799 before bouncing to end the day slightly lower at 1.1840 (-0.11 %). Sudden expansion in volatility and range has clouded the near-term outlook. More choppy price actions are not ruled out, but overall, EUR is likely to remain within yesterday’s wide range of 1.1799 / 1.1905 “.
Next 1-3 weeks: “A week ago (Nov 17, pair at 1.1860), we indicated that the bullish momentum had improved slightly, but the EUR had to close above 1.1920 to indicate that it had come out of its consolidation phase. As the euro struggles for Moving higher, we noted last Friday (Nov 20) that there was still a chance for the EUR to advance above 1.1920. The EUR rose to a high of 1.1905 yesterday (Nov 23) before suddenly selling to a low of 1.1799 While our “strong support” level at 1.1790 is still intact, the rapid loss of momentum suggests that the EUR is not yet ready to move above 1.1920. As of here, the single currency could trade sideways for a period of time and only a breakout of the expected range of 1.1760 / 1.1920 would signal the start of a directional move more sustained. “
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