EUR/USD: UPSIDE PRESSURE ALLEVIATED BELOW 1.0640 – UOB
UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia see the upside momentum in EUR/USD losing traction below 1.0640.
Key Quotes
24-hour view: We expected EUR to consolidate in a range of 1.0690/1.0750 yesterday. However, it dipped to a low of 1.0662 before settling at 1.0699 (-0.15%). The decline lacks momentum, and EUR is unlikely to weaken further. Today, EUR is more likely to trade sideways, probably between 1.0665 and 1.0725.
Next 1-3 weeks: Our latest narrative was from two days ago (06 Nov, spot at 1.0730), wherein the impulsive rally from last Friday is likely to extend to 1.0770, as high as 1.0800. Since then, EUR has not been able to make further headways on the upside. While upward momentum has waned somewhat, only a breach of 1.0640 (no change in ‘strong support’ level from yesterday) would indicate that 1.0770 is out of reach
Disclaimer: The content above represents only the views of the author or guest. It does not represent any views or positions of FOLLOWME and does not mean that FOLLOWME agrees with its statement or description, nor does it constitute any investment advice. For all actions taken by visitors based on information provided by the FOLLOWME community, the community does not assume any form of liability unless otherwise expressly promised in writing.
FOLLOWME Trading Community Website: https://www.followme.com
Hot
No comment on record. Start new comment.