Categories: Markets

EUR/USD faces a retest of 1.0480 – UOB

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.”

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

Published by

Recent Posts

Carlos Bonavides asks for help to find his unrecognized daughter

The Mexican actor Carlos Bonavides asked the media for help to find the whereabouts of…

54 mins ago

Lukashenko says Putin may move more nukes to Belarus

Russia may deploy more strategic nuclear weapons to Belarus, in addition to the tactical nuclear…

2 hours ago

Ximena Navarrete welcomes her second baby

With great joy, Ximena Navarrete announced in their social networks the arrival of their second…

2 hours ago

Woman gave up alcohol for a month and was surprised at the benefits

Alice Gibbs is an internet culture and trends reporter for the magazine Newsweek, based in…

3 hours ago

Boy spends a thousand dollars ordering food with his dad’s cell phone

We know that it is important that adolescents and, especially, young children do not use…

3 hours ago

15 Movies that will help you strengthen your confidence and self-esteem

Oscar Wilde said: "Loving yourself is the beginning of an adventure that lasts a lifetime"…

3 hours ago