EUR/USD: Expected to trade in a sideways range between 1.0780 and 1.0840 – UOB Group

Euro (EUR) is expected to trade in a sideways range between 1.0780 and 1.0840 vs US Dollar (USD). In the longer run, current price movements are likely part of a range trading phase; EUR is expected to trade in a 1.0730/1.0845 range for now, UOB Group's FX analysts Quek Ser Leang and Peter Chia note. 

Current price movements are likely part of a range trading phase

24-HOUR VIEW: "EUR traded between 1.0783 and 1.0849 yesterday, closing little changed at 1.0817 (-0.09%). The price movements did not result in any increase in either downward or upward momentum. Today, we expect EUR to trade sideways, probably between 1.0780 and 1.0840." 

1-3 WEEKS VIEW: "In our latest update from last Friday (28 Mar), when EUR was at 1.0800, we indicated that 'if EUR breaks above 1.0825, it would mean that it is likely to trade in a range instead of declining.' EUR subsequently rose above 1.0825. The current price movements are likely part of a range trading phase, and EUR is expected to trade in a 1.0730/1.0895 range for now."