There has been no increase in either downward or upward momentum; Euro (EUR) is likely to trade in a range of 1.1610/1.1675. In the longer run, EUR is expected to trade in a range between 1.1580 and 1.1745, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

No increase in either downward or upward momentum

24-HOUR VIEW: "EUR pulled back sharply to a low of 1.1601 two days ago. Yesterday, when EUR was at 1.1630, we stated that 'the sharp decline appears to be running ahead of itself, and EUR is unlikely to weaken much further.' We expected EUR to 'trade in a range of 1.1600/1.1690.' Our

view of range trading was not wrong, even though EUR traded between 1.1599 and 1.1665, a narrower range than we expected. There has been no increase in either downward or upward momentum, and we continue to expect EUR to trade in a range today, probably between 1.1610 and 1.1675."

1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (26 Aug, spot at 1.1630). As highlighted, we expect EUR to trade in a range between 1.1580 and 1.1745 for now."