UOB’s strategists Quek Ser Leang and Lee Sue Ann describe EUR/USD as range-bound after a brief drop to 1.1676 and a flat close near 1.1711. They expect intraday trading between 1.1690 and 1.1735, while the 1–3 week view keeps the pair in a 1.1665–1.1765 consolidation, with downside only opening toward 1.1625 if 1.1665 breaks and holds.

Euro-Dollar seen consolidating

"24-HOUR VIEW: Yesterday, we were of the view that EUR “is likely to trade in a range between 1.1695 and 1.1745.” The subsequent price movements did not turn out as expected. EUR dropped sharply, but briefly, to 1.1676 and then rebounded to close largely unchanged at 1.1711 (-0.08%). There has been no clear shift in either downward or upward momentum, and we continue to expect range-trading today, most likely between 1.1690 and 1.1735."

"1-3 WEEKS VIEW: Last Friday (24 Apr, spot at 1.1685), we highlighted that “downward momentum has increased further, but EUR must break and hold below 1.1665 before a move to 1.1625 can be expected.” After EUR broke above our ‘strong resistance’ level at 1.1750, we highlighted yesterday (28 Apr, spot at 1.1720) that “downward momentum has faded, and EUR has likely entered a 1.1665/1.1765 consolidation phase.” Our view remains unchanged."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)