Market strategist Quek Ser Leang and economist Lee Sue Ann of UOB Group suggest that the prospect of further strength in the EUR/USD now seems diminished.
24 hour outlook: “Last Friday, we held the view that the Euro would likely consolidate and trade between 0.9925 and 1.0050. Although the Euro consolidated as expected, it traded within a narrower range than expected (0.9925/0.9997) before closing virtually unchanged at 0.9963 (+0.01%) Price developments seem to remain part of a consolidation, so we expect the euro to trade sideways today between 0.9920 and 1.0020“.
Next 1-3 weeks: “Our update from last Friday (Oct 28, pair at 0.9970) still stands. As we have highlighted, Thursday’s sharp pullback has caused a rapid loss of momentum and the chance of the euro continuing to strengthen has diminished. However, only a break of 0.9880 (no change in ‘strong support’ level) would indicate that the Euro strength that began early last week has come to an end.”
Source: Fx Street
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