According to forex strategists at UOB Group, the EUR / USD hold the range of 1.1555-1.1670 unchanged at the moment.
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24-hour perspective: “We highlighted yesterday that despite the decline, the downside momentum had not improved that much. Furthermore, we added that the euro could drop to 1.1580 before a rebound could be expected. However, the EUR rose to 1.1625 first before drop back to 1.1583. The trend from here is down, but momentum is not strong yet. A drop below 1.1580 would not be surprising, but the main support at 1.1555 is unlikely to be threatened. The resistance is at 1.1610 followed by 1.1625.”
Next 1-3 weeks: “Not much to add to our update yesterday (Oct 26, even at 1.1605). As highlighted, the recent strength of the euro has run its course. The euro is likely to have moved into a consolidation phase and expected to trade between 1.1555 and 1.1670 for now.”
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