The currency strategists of UOB Group They pointed out that a EUR / USD move towards the 1.1900 zone is not yet likely.
24 hour perspective: “We highlighted yesterday that further EUR strength was unlikely and we expected it to consolidate within a 1.1820 / 1.1885 range. While the euro did not strengthen further, it traded within a tighter range than expected (1.1810 / 1.1866). Current price action is still considered part of a consolidation phase. That said, the weakened underlying tone suggests that the EUR could decline within a lower trading range of 1.1790 /1.1850”.
Next 1-3 weeks: “Not much to add to our update yesterday (Oct 21, par at 1.1825). As highlighted, bullish momentum is starting to improve and the EUR bias is leaning higher. That said, in view of the incipient buildup of momentum, it is Main resistance at 1.1900 may not enter the scene as soon (The next resistance is at 1.1940). The current slight upward pressure is considered intact as long as the EUR does not move below 1.1770 (strong support level was at 1.1745 yesterday). ”
.
Credits: Forex Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
