In the opinion of economist Lee Sue Ann and market strategist Quek Ser Leang, EUR/USD bullish bias appears to have lost some traction lately.
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24 hour view: “Yesterday, we held the view that EUR/USD is likely to turn down but unlikely to break the main support at 1.0920. EUR/USD weakened less than expected as it fell as far as 1.0940 and then bounced to end the trade. day at 1.0999 (+0.22%) Bearish pressure has eased and EUR/USD is unlikely to weaken further EUR/USD is more likely to be range bound today, expected to be between 1.0960 and 1.1040 “.
Next 1-3 weeks: “Not much to add to our update from yesterday (May 2, EUR/USD at 1.0975). As we have highlighted, the recent bullish momentum has more or less faded and EUR/USD is likely to trade in a range of 1.0920 to 1.1040 for now.”
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.
