The strategists of OUB Group now forecast that the EUR / USD will navigate within a range of 1.1690 and 1.1830 in the coming weeks.
24 hour perspective: “Our expectation that the EUR would trade sideways yesterday was incorrect as it peaked at 1.1793 before closing on a firm note at 1.1766 (+ 0.41%). The bullish momentum has improved, although not as much. From here, there margin for the euro to test 1.1805 first before a more sustained pullback can be expected (the next resistance is at 1.1830). Support is at 1.1730 followed by 1.1710 “.
Next 1-3 weeks: “After trading quietly for a couple of days, the EUR spiked to a high of 1.1793 yesterday (Oct 19). The breakout of our strong resistance at 1.1790 indicates that the recent slight downward pressure has eased (we expected the euro to trade with a bearish bias towards 1.1650). The Momentum indicators are mostly neutral now and the EUR is likely to trade between 1.1690 and 1.1830 for now”.
Credits: Forex Street
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