In the opinion of the currency strategists of UOB Group, EUR / USD is now seen within the 1.1710-1.1860 range for the next few weeks.
“We highlighted yesterday that the bearish momentum had improved a bit and the bias was leaning to the downside. We add, that 1.1770 was a solid support and it might not be easy to break. Subsequently, the EUR traded between 1.1791-1.1838, and closed at 1.1795 before falling sharply after the New York close. The rapid increase in bearish momentum suggests that the euro could weaken further, but the next major support at 1.1735 is unlikely to enter the picture for now (minor support is at 1.1755). The resistance is at 1.1805 followed by 1.1830 “.
Next 1-3 weeks: “We have held the same view since last Wednesday (Oct 21st, 1.1825 pair) where the bias for the EUR was leaning higher, and main resistance at 1.1900 may not enter the scene as soon. The euro subsequently rose to a high of 1.1880, but has since retreated and, at the time of writing, remains just above the strong support level of 1.1770. The upward momentum has more or less dissipated and the current move is considered the early stages of a consolidation phase. That said, the Short-term risk is sloping lower, but for now, any weakness is considered part of a 1.1710 /1.1860 range. In other words, the euro is unlikely to move below 1.1710 on a sustained basis. “
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Credits: Forex Street
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