EUR/USD faces a retest of 1.0480 – UOB

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Economist Lee Sue Ann and UOB Group market strategist Quek Ser Leang suggest that the next target for the EUR/USD it is the 1.0480 level in the short term.

24 hour perspective: “Yesterday we highlighted that the euro bounce had room to extend, but the main resistance at 1.0375 was unlikely to appear.” The anticipated advance exceeded our expectations and the Euro shot up to a high of 1.0404. The Strong bullish momentum suggests further Euro strength, although last week’s high at 1.0480 is likely out of reach today (there is another resistance level at 1.0440). Support is at 1.0360, a break of 1.0335 would indicate that the current bullish pressure has eased.”

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Next 1-3 weeks: “Yesterday (Nov 23, pair at 1.0305), we held the view that the Euro was likely to trade within a 1.0180/1.0375 range. We did not expect how quickly the Euro soared above 1.0375 (the High was 1.0404).Rapid buildup of momentum is likely to lead to further Euro gains.Level to watch is last week’s high at 1.0480. Upside risk is intact as long as the euro does not move below the ‘strong support’ level, currently at 1.0300. In the shorter term, 1.0335 is already a strong support level. Looking ahead, the next resistance above 1.0480 is at 1.0560.”

Source: Fx Street

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