Lee Sue Ann, economist at UOB Groupand Quek Ser Leang, a market strategist, suggest that EUR/USD bullish momentum will lose steam below 1.0940.
24 hour perspective: “The EUR traded between 1.0998 and 1.1053 yesterday, narrower than our expected range of 1.0980/1.1060. The underlying tone has softened a bit and Euro is likely to go down today. However, any dip is unlikely to break the 1.0970 level. Resistance at 1.1025, a break of 1.1045 would indicate that the current slight bearish pressure has eased.”
Next 1-3 weeks: “Our update from last Friday (05 May, pair at 1.1025) still stands. As highlighted, the The bias for the Euro seems to be leaning to the upside, but unless there is a clear improvement in momentum, any advance could find it difficult to break above the main resistance at 1.1120.. Note that there is another fairly strong resistance level near 1.1095. If the EUR were to break below 1.0940 (the ‘strong support’ level was at 1.0920 last Friday), it would suggest that it is not ready to move towards 1.1120.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
