According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, EUR/USD is expected to trade between 0.9900 and 1.0090 in the coming weeks.
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24 hour view: “Yesterday we highlighted that ‘the rapid decline seems to be getting ahead of itself, but there is room for EUR/USD to test 0.9850’. However, EUR/USD did not test 0.9850 as it fell as low as 0.9874 before staging a surprising and strong bounce (high has been 1.0010). Bounce has room to extend to 1.0030. Next resistance at 1.0080 is unlikely to appear. Support is at 0.9970, followed by 0.9945.”
Next 1-3 weeks: “EUR/USD bounced sharply to a high of 1.0010 yesterday before closing 0.98% higher (close 0.9999 in New York), its biggest one-day advance in 3 months. The break of our “strong resistance” at 0.9980 indicates that the downside risk for EUR/USD has dissipated. We view the current move as part of a consolidation phase and expect EUR/USD to trade between 0.9900 and 1.0090. Looking ahead, a Clear break of 1.0090 would signal the start of a more sustained and sizeable recovery for the pair.”
Source: Fx Street
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