According to FX analysts Quek Ser Leang and Peter Chia from UOB Group, the euro (EUR) is likely to remain range-bound in the near term, trading between 1.1590 and 1.1635 against the U.S. dollar (USD).
Short-Term Outlook (24 Hours)
UOB noted that after dropping to 1.1576 earlier this week, the EUR rebounded and has since moved sideways. The pair traded within a narrow 1.1584–1.1620 range yesterday before closing slightly higher at 1.1617 (+0.06%).
Analysts expect continued range-bound movement today, likely holding between 1.1590 and 1.1635.
Medium-Term Outlook (1–3 Weeks)
On October 22, UOB pointed out that downward momentum in EUR/USD was building and could lead to a retest of 1.1540. However, since then, the pair has struggled to make further downside progress.
While the bearish momentum appears to be fading, the analysts emphasize that only a break above 1.1640 (strong resistance) would signal that EUR/USD is not yet ready to move lower toward the 1.1540 level.