The EUR/USD pair will continue to trade between 1.0660 and 1.0870 in the coming weeks, according to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group.
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24 hour view: “We noted yesterday that ‘bullish momentum has improved a bit’ and held the view that ‘although EUR/USD could break above 1.0830, it is unlikely to threaten the next resistance at 1.0870.’ Our view turned out to be correct, as EUR/USD rallied as high as 1.0848 before settling near the high at 1.0843 (+0.44%). Bullish momentum has improved, though not much. EUR/USD could break above 1.0870 today, but chances of holding above this level are not elevated. Next resistance is at 1.0900. Support is at 1.0820. A break of 1.0800 would indicate that the current bullish pressure has eased.”
Next 1-3 weeks: “Our last analysis is from two days ago (March 27, EUR/USD at 1.0775), in which we were of the opinion that EUR/USD “seems to have entered a consolidation phase and is likely to trade between 1.0660 and 1.0870 for now.” Although there is no change in our view, short-term bullish momentum is building, albeit timidly. Looking ahead, EUR/USD has to break above 1.0900 and hold before a sustained advance is likely. The outlook for EUR/USD to clearly break above 1.0900 is low for now, but would remain intact as long as EUR/USD holds above the 1.0770 “strong support” level over the next few days.”
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.
