The currency strategists of UOB Group noted that the EUR / USD expects more gains at a close above 1.1920 In the next weeks.
24 hour perspective: “The EUR rose to a high of 1.1868, and fell to 1.1812 before recovering to end the day at 1.1853 (+ 0.18%). The Bullish momentum is starting to improve and today’s bias is leaning higher. A move above 1.1880 would not be surprising, but the main resistance at 1.1920 is unlikely to be threatened. All in all, only a breakout of 1.1820 (minor support at 1.1840) would indicate that the current slight upward pressure has eased. ”
Next 1-3 weeks: “Our latest narrative was from last Friday (Nov 13, pair at 1.1805) in which the EUR” is still in consolidation, will probably trade between 1.1720 and 1.1880. “Bullish momentum has improved slightly as the euro has rallied. is approaching the top of the expected range (high of 1.1868 yesterday). A breakout of 1.1880 would not be surprising, but the EUR has to close above the main resistance at 1.1920 to indicate that it has exited its consolidation phase. At this stage the outlook for such a move is not high, but it would continue to rise as long as the EUR does not move below 1.1790 in these few days.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
