Economist Lee Sue Ann and Market Strategist Quek Ser Leang from UOB Group now see EUR/USD entering a consolidation phase In the next weeks.
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24 hour view: “EUR/USD soared to a 5-month high of 1.0496 yesterday before tumbling to close at 1.0337 (-0.56%). Although the bearish momentum has not improved much, EUR/USD could drop as low as 1.0300. Unlikely for the pair to test the next support level at 1.0260. To the upside, breaking above 1.0400 (minor resistance is at 1.0370) would indicate that the current bearish pressure has eased.”
Next 1-3 weeks: “In our latest narrative last Thursday (Nov 24, EUR/USD at 1.0400), we indicated that rapid momentum buildup is likely to lead to further EUR/USD gains. We added: “The level to watch is 1.0480.” Yesterday (Nov 28).EUR/USD spiked to a high of 1.0496 before falling sharply.The bullish momentum has more or less dissipated with the rapid decline.In other words, the pair is unlikely to strengthen further.For At the moment, EUR/USD is likely to trade between 1.0260 and 1.0430.”
Source: Fx Street
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