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Euro (EUR) is likely to trade in a range between 1.1640 and 1.1700. In the longer run, weakness in EUR from early last week has stabilized; for the time being, it is likely to consolidate between 1.1615 and 1.1730, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
💡 DMK Insight
The Euro’s consolidation between 1.1615 and 1.1730 is crucial for forex traders right now. With the current range indicating stabilization after recent weakness, traders should keep an eye on this level for potential breakout opportunities. If the Euro can hold above 1.1700, it might signal a bullish reversal, while a drop below 1.1615 could trigger further selling pressure. This range-bound action could also affect correlated assets like the USD, impacting pairs such as EUR/USD. Watch for any economic data releases or geopolitical events that could push the Euro out of this range, as volatility might spike around those times. The key here is to monitor these levels closely, as they could dictate short-term trading strategies, especially for day and swing traders looking for quick gains.
📮 Takeaway
Watch the Euro closely; a breakout above 1.1700 or a drop below 1.1615 could signal significant trading opportunities.
