The continuation of the bullish momentum could lift EUR/USD towards the 1.0945 level in the short term, according to economist Lee Sue Ann and Market Strategist Quek Ser Leang of UOB Group.
24-hour outlook: Yesterday we noted that “the current price action is likely part of a consolidation phase,” and we expect EUR/USD to “trade in a range between 1.0815 and 1.0880.” Although EUR/USD reached a high of 1.0895 during the American session, it quickly retreated to end the day little changed at 1.0850 (+0.04%). The price movement remains one of consolidation, and we continue to expect EUR/USD to move within a range, probably between 1.0820 and 1.0880.
Next 1-3 weeks: Our update from Wednesday (November 15, EUR/USD at 1.0880) still stands. As we have highlighted, EUR/USD looks likely to continue strengthening, and the level to watch is 1.0945. Overall, only a break of 1.0770 (no change to the “strong support” level) would indicate that EUR/USD is not strengthening further.
Source: Fx Street
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