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EUR/USD: Bets down for further strength – UOB

UOB Group Market Strategist Quek Ser Leang and Rates Strategist Victor Yong suggest that the prospects for further hikes in the EUR/USD They seem to be losing momentum.

24 hour outlook: “Our view that the euro rally is going to continue was incorrect as it pulled back sharply from the 1.0093 high. The price move is likely part of a consolidation phase and we expect the euro to trade between 0.9925 and 1.0050 today“.

Next 1 to 3 weeks: “After the strong rise in the Euro, yesterday (Oct 27, pair at 0.9960) we indicated that the Euro is likely to rise further and the next level to watch is at 1.0200. We did not expect the sharp pullback to 0.9956. The pullback has caused a rapid loss of momentum and the possibility of the euro continuing to strengthen has diminished. just a break of 0.9880 (‘strong support’ level adjusted lower from 0.9950) would indicate that the strength of the euro that began earlier this week has come to an end.”

Source: Fx Street

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