Forex Strategists UOB Group, Lee Sue Ann and Quek Ser Leang, point out that the EUR/USD trades between 1.0755 and 1.0935.
24 hour outlook: “We highlighted yesterday that there was room for the EUR to advance further to 1.0885 and we believed a sustained rise above this level was unlikely. However, the euro topped 1.0885 and spiked to 1.0936 before falling sharply to End the day at 1.0836 (0.13%) While the pullback from the top has room to extend, the momentum downside is not strong and any weakness is likely to be limited to a test of 1.0805. Important support 1.0855 not expected to be under threat. Resistance is found at 1.0860 followed by 1.0890″.
Next 1-3 weeks: “Yesterday (April 21, pair at 1.0845), we highlighted that the downside pressure had dissipated and we maintained our view that the EUR bounce could extend to 1.0885. While our view for the EUR bounce to extend was not went wrong we did not expect the subsequent but short-lived advance to 1.0936 The quick retracement from the high suggests the rebound in the euro is unlikely to extend further From here it is Common currency likely to consolidate and trade between the two major levels of 1.0755 and 1.0935“.
Source: Fx Street
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