The EURO (EUR) is expected to maintain a trading range between 1.1280 and 1.1400 against the US Dollar (USD). Although the potential for further EUR appreciation exists, analysts suggest that it may initially fluctuate within this range for the next few days.
In the short term, following a significant rally observed last Friday, it was anticipated that the EUR would take a breather. The currency traded within a more confined range than expected, oscillating between 1.1295 and 1.1424, ultimately closing at 1.1349, reflecting a slight decrease of 0.10%. Market conditions suggest that the EURO will likely continue this narrow trading pattern today, with expectations placed squarely within the 1.1280 to 1.1400 bracket.
Looking ahead over the coming weeks, the next key resistance level for the EURO is identified at 1.1500. Although there remains a possibility for the EURO to strengthen further, the current overbought conditions in the short-term may necessitate a period of range-bound trading. Provided that the strong support level shifts to 1.1210 — up from its previous position at 1.1180 — the potential for the EURO ’s upward trend, which began earlier this month, to extend towards 1.1500 remains intact.
Overall, while shorter-term fluctuations may characterize the immediate outlook, the long-term prospects for the EURO demonstrate resilience, contingent upon maintaining support above the newly established threshold. Investors will be closely monitoring these developments as they unfold.
