Momentum indicators are mostly flat; Euro (EUR) is likely to trade in a range of 1.1705/1.1755. In the longer run, EUR could rise but any advance is likely part of a higher range of 1.1650/1.1790, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Momentum indicators are mostly flat

24-HOUR VIEW: "EUR dropped briefly to a low of 1.1161 last Thursday and then rebounded strongly. On Friday, when EUR was at 1.1735, we stated that 'the rebound has scope to test 1.1760.' Our expectation did not materialise, as EUR traded in a quiet manner between 1.1700 and 1.1747, closing unchanged at 1.1733. Momentum indicators are mostly flat, and EUR is likely to continue to range-trade today, probably in a range of 1.1705/1.1755."

1-3 WEEKS VIEW: "In our most recent narrative from a week ago (08 Sep, spot at 1.17150), we highlighted that EUR 'could rise but any advance is likely part of a higher range of 1.1650/1.1790.' Since then, EUR has been trading within a range of 1.1661/1.1779. There has been no clear increase in either downward or upward momentum, and we continue to expect EUR to trade in a range of 1.1650/1.1790."