In the opinion of the currency strategists at UOB Group, the EUR / USD could head towards the 1.1680 level in the coming weeks.
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24 hour view: “We highlighted yesterday that ‘the rapid retracement from the high along with overbought conditions indicates that EUR / USD is unlikely to strengthen further’ and we expected EUR / USD to ‘move sideways between 1.1605 and 1.1655’. Thereafter , the pair moved between 1.1615 and 1.1658. The upward momentum has improved a bit and the bias for today is up. That said, barring an increase in momentum, any advance is unlikely to challenge the heavy resistance at 1.1680. Support is at 1.1630, followed by 1.1615. “
Next 1-3 weeks: “Our view from yesterday (Oct 20, EUR / USD at 1.1630) remains. As highlighted, EUR / USD could consolidate for a couple of days first, but it is likely to head for the next major resistance at 1.1680 thereafter. On the downside, a breakout of 1.1590 (previously ‘strong support level’ at 1.1570) would indicate that the EUR / USD strength that began late last week is over. Looking ahead, if the EUR / USD clearly breaks above 1.1680, the next level to focus on is 1.1710. “
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