Lee Sue Ann, Economist at UOB Group, and Quek Ser Leang, Market Strategist, suggest that the EUR/USD is now within the range of 1.0680-1.0880.
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24 hour view: “We expected EUR/USD to “trade sideways between 1.0790 and 1.0860″ yesterday. However, EUR/USD briefly rallied to 1.0869, fell sharply to 1.0773, and closed at 1.0788 (-0.26%). EUR/USD’s rapid decline has room to extend but is unlikely to break 1.0730 (other support at 1.0760). Resistance is at 1.0815, followed by 1.0840.”
Next 1-3 weeks: “Two days ago (Jan 16, EUR/USD at 1.0825), we highlighted that bullish momentum is easing and a break of our ‘strong support’ at 1.0760 would indicate that EUR/USD could consolidate first before attempting to move higher. 1.0900 resistance ahead.EUR/USD fell to 1.0773 American session lows and while our “strong support” level was not broken, the bullish momentum has more or less faded.In other words, the strength of the EUR/USD from a week ago has come to an end and the pair is likely to consolidate between 1.0680 and 1.0880 for now.”
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.
