According to Lee Sue Ann, an economist at UOB Group, and Quek Ser Leang, a market strategist, the EUR/USD It could see its bearish pressure mitigated once the 1.0810 area is broken.
24 hour perspective: “We expected the EUR to fall yesterday. However, it briefly rallied as high as 1.0792 before pulling back to close at 1.0736 (+0.25%). The price moves appear to be part of a wide consolidation range. In other words, it is Euro likely to trade sideways today, in a 1.0705/1.0775 range“.
Next 1-3 weeks: “In our most recent analysis three days ago (07 Feb, pair at 1.0725), we held the view that the euro was likely to weaken further and the level to watch was 1.0615. Over the past few days, the euro has traded mostly sideways and bearish momentum is starting to wane.That being said, just a break of 1.0810 (no change in strong resistance level) would indicate that the weakness started earlier this week has come to an end. In general, although the risk remains to the downside, the possibility of the euro falling to 1.0615 this time is not high.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
