EUR/USD rallies are expected to find stiff resistance at the 1.0500 area in the near termas suggested by economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group.
24 hour perspective: “The euro traded choppy yesterday as it briefly plunged to 1.0288 before reversing sharply and hitting a high of 1.0428. Further euro strength is not ruled out, but main resistance at 1.0500 is unlikely to kick in today (there is another resistance at 1.0465). Support is at 1.0390, followed by a fairly strong level at 1.0365.”
Next 1 to 3 weeks: “Our most recent reading was on Tuesday (Nov 29, pair at 1.0345), when the Euro was likely to trade between 1.0260 and 1.0430. Yesterday (Nov 30), the Euro rose to a couple of points at 1.0430 ( high of 1.0428).The rapid build-up of momentum suggests that the euro will continue to strengthen, albeit at a slower pace.That said, 1.0500 is solid resistance and it might not be easy to break. Upside risk is intact as long as the euro does not move below 1.0330.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
