Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest further upside in EURUSD is expected to meet a tough resistance at his 1.0480 region in the next few weeks.
Key Quotes
24-hour view: “We did not expect the surge in volatility as EUR traded choppily between 1.0278 and 1.0480 yesterday (we were expecting range trading). The volatile price actions have resulted in a mixed outlook and EUR could continue to trade in a choppy manner, likely between 1.0270 and 1.0420.”
Next 1-3 weeks: “We highlighted on Monday (14 Nov, spot at 1.0325) that EUR is likely advance further and the next level to watch is at 1.0400. While our view for EUR to advance further turned out to be correct, we did not expect the volatile price actions as EUR surged to a high of 1.0480 in NY trade before pulling back sharply. Short-term upward momentum has waned somewhat, but as long as 1.0230 (‘strong support’ level was at 1.0200 yesterday) is not taken out, EUR could continue to advance. However, 1.0480 is acting as a solid resistance level now and EUR may find this level difficult to break.”
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