EUR/USD: Current price movements are likely part of a range trading phase - UOB Group

Slight increase in downward momentum is likely to lead to a lower range of 1.0770/1.0820 instead of a sustained decline. In the longer run, current price movements are likely part of a range trading phase; EUR is expected to trade in a 1.0730/1.0845 range for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR is expected to trade in a 1.0730/1.0845 range for now

24-HOUR VIEW: "Yesterday, we expected EUR to 'trade in a sideways range between 1.0780 and 1.0840.' EUR subsequently traded in a 1.0776/1.0829 range, closing lower by 0.22% at 1.0793. Although there has been a slight increase in downward momentum, this is likely to lead to a lower range of 1.0770/1.0820 instead of a sustained decline."

1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (01 Apr, spot at 1.0815). As indicated, the current price movements are likely part of a range trading phase, and EUR is expected to trade in a 1.0730/1.0895 range for now."