In the opinion of the market strategist of UOB Group, Quek Ser Leang, and the economist Lee Sue Ann, the increases in the EUR/USD they could extend to the 1.0200 area in the coming weeks.
24 hour outlook: “Yesterday we highlighted that the strong momentum suggests the euro is likely to strengthen further. We added that given overbought conditions, the euro may not be able to sustain above 1.0000. We underestimated the bullish momentum, as the euro soared to a high of 1.0088 before closing strongly at 1.0077 (+1.13%). Although still overbought, the euro’s recovery is likely to continue. The level to watch is at 1.0150. For today, the main resistance at 1.0200 is probably out of reach. To the downside, a break of 1.0020 (minor support is at 1.0050) would indicate that the current strong bullish pressure has subsided.”
Next 1-3 weeks: “We turned positive on the euro two days ago (Oct 25, pair at 0.9885). Following the euro’s rally yesterday (Oct 26, pair at 0.9960) we highlighted that there was a strong chance the euro would break parity. We indicate that the next resistance is at 1.0050.Although our view of a higher euro is correct, we did not expect the rapid rate of advance with which the euro broke above both 1.0000 and 1.0050 yesterday.Needless to say, the upward momentum remains strong Y we are still waiting for the euro to rise. The next level to watch is at 1.0200. Only a break of the ‘strong support’ at 0.9950 (0.9850 yesterday’s level) would indicate that the euro is unlikely to advance further.”
Source: Fx Street
With 6 years of experience, I bring to the table captivating and informative writing in the world news category. My expertise covers a range of industries, including tourism, technology, forex and stocks. From brief social media posts to in-depth articles, I am dedicated to creating compelling content for various platforms.
