According to Lee Sue Ann, an economist at the UOB Group, and Quek Ser Leang, a Market Strategist, the EUR/USD targets the level of 1.0620 In the next weeks.
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24 hour view: “Yesterday we highlighted that “further EUR/USD strength is not ruled out, but the main resistance at 1.0500 is unlikely to kick in today.” The anticipated advance beat our expectations and EUR/USD peaked at 1.0533. Although the pair could continue to advance and break the main resistance at 1.0550, the next resistance at 1.0620 is likely to be out of reach today. Support is at 1.0490, followed by 1.0460.”
Next 1 to 3 weeks: “We turned positive on EUR/USD yesterday (Dec 1, EUR/USD at 1.0420), but we believe that “solid resistance at 1.0500 may not be easy to break.” We anticipate the rapid pace of advance as EUR/ USD continues to rise for the second day in a row and has broken above 1.0500 (high was 1.0533).Although deeply overbought, the rally shows no sign of slowing down and risk remains to the upside.The next level to focus on is 1.0620, followed by 1.0690. Upside risk is intact as long as EUR/USD does not move below 1.0420 (“strong support” level was at 1.0330 yesterday).”
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.
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