The current price movements are likely part of a 1.1610/1.1670 range trading phase. In the longer run, Euro (EUR) is likely to trade with an upward bias; it is unclear for now if it can reach 1.1720, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Price movements are likely part of a 1.1610/1.1670 range

24-HOUR VIEW: "EUR rose to a high of 1.1698 last Thursday. On Friday, when EUR was at 1.1665, we indicated that it 'may retest, and potentially edge above 1.1700.' Our expectations did not materialise, as EUR traded in a relatively quiet manner between 1.1628 and 1.1679, before closing at 1.1639 (-0.22%). The current price movements are likely part of a range trading phase, most likely between 1.1610 and 1.1670."

1-3 WEEKS VIEW: "In our latest narrative from last Thursday (07 Aug, spot at 1.1655), we highlighted that EUR 'is likely to trade with an upward bias, but it is unclear for now if it can reach 1.1720.' We will maintain the same view as long as the ‘strong support’ at 1.1585 (no change in ‘strong support’ level) is not breached."