EUR/USD: Rising bets for further upside – UOB
|UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang suggest EUR/USD could advance further in the near term.
Key Quotes
24-hour view: “We expected EUR to ‘range-trade between 1.0265 and 1.0365’ yesterday. Our view was not wrong as EUR traded between 1.0270 and 1.0358. The price actions suggest EUR could continue to range-trade, likely between 1.0275 and 1.0375.”
Next 1-3 weeks: “There is not much to add to our update from yesterday (14 Nov, spot at 1.0325). As highlighted, after the strong surge last week, upward momentum is strong and EUR is likely to advance further. That said, overbought short-term conditions could lead to 1-2 days of consolidation first. The next level to watch is at 1.0400. Overall, only a break of 1.0200 (no change in ‘strong support’ level from yesterday) would indicate that the solid upward momentum has subsided.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.