UOB Group currency strategists have noted that the EUR / USD could move higher in the short term, although a move to 1.1880 is not favored at the moment.
Key Comments:
24 hour view: “EUR / USD rose to a high of 1.1768, fell to 1.1602 before climbing again to end the day slightly higher at 1.1722 (+ 0.09%). The strong bounce from the low appears to have room to push above the 1.1768 high, but for today, resistance at 1.1855 is not expected to enter the scene (there is another resistance at 1.1820). Support is at 1.1680 followed by 1.1630 “.
Next 1-3 weeks: “Not much to add to yesterday’s update (Nov 4, EUR / USD at 1.1670). As highlighted, further EUR strength is not ruled out, but it is too early to expect a move towards last month’s high at 1.1880. On a short-term note, 1.1855 is already a pretty strong level. All in all, the bias for the EUR appears to be tilted up with 1.1550 acting as a key support.
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Credits: Forex Street
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