According to the FX strategists of the UOB Group, the EUR/USD still moves in the range between 1.1720-1.1880 In the next weeks.
24 hour view: “Our view that the euro ‘is under slight downward pressure’ was wrong as it bounced to a high of 1.1819 before trading sideways for the rest of the sessions. The underlying tone has strengthened a bit and this could lead to euro to go up, but the possibility of a break in 1.1850 it is not high (the minor resistance is at 1.1830). Support is at 1.1785 followed by 1.1760. ”
Next 1-3 weeks: “Two days ago, on Wednesday (November 11, the pair at 1.1815), we highlighted that the current movement of the EUR “It is seen as part of a consolidation phase.” We add, “The soft underlying tone suggests that the EUR is likely to turn lower towards the bottom of the expected range at 1.1720 / 1.1880 first.” Subsequently, the euro fell to 1.1744 before rebounding. There is no change in our opinion for now and just a clear breakout of the range at 1.1720/1.1880 it would signal the beginning of more sustained directional price action. ”
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Credits: Forex Street
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