In the view of Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group, EUR/USD is now expected to navigate between 1.0510 and 1.0700 in the next few weeks.
Key Quotes
24-hour view: We expected EUR to strengthen further yesterday, but we highlighted that “any advance is likely to face solid resistance at 1.0700.” However, EUR did not quite test 1.0700 as it plummeted after reaching a high of 1.0693. The sharp decline from the high appears to be overdone. However, there is room for EUR to edge lower today, but any decline is unlikely to break clearly below 1.0560. Resistance is at 1.0615, followed by 1.0640.
Next 1-3 weeks: Yesterday (24 Oct, spot at 1.0670), we held the view that “the rebound in EUR is likely to extend above 1.0700.” EUR then rose to 1.0693 before dropping sharply to a low of 1.0581. The breach of our ‘strong support’ level at 1.0600 has invalidated our view. From here, EUR is likely to trade in a range of 1.0510/1.0690.
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