According to the currency strategists at UOB Group, EUR / USD is expected to move between 1.1840 and 1.1890 in the very short term.
Key Comments:
24 hour view: “We expected EUR / USD to strengthen last Friday, but we are of the opinion that ‘it is unlikely to break the main resistance at 1.1920’. Afterwards, EUR / USD rose to a high of 1.1890 before giving way and moving sideways for the remainder. The move is considered part of a consolidation phase and the pair could move sideways and is expected to be within a range between 1.1840 / 1.1890. Looking ahead, 1.1890 is acting as a solid resistance and the breakout of this level could lead to a rapid rise towards the main resistance at 1.1920 ”.
Next 1-3 weeks: “There is not much to add to our last update on Tuesday (Nov 17, EUR / USD at 1.1860). As highlighted, the bullish momentum has improved slightly, but the EUR has to close above 1.1920 to indicate that it has emerged from its consolidation phase. Since then, the EUR / USD has not been able to advance much to the upside, but as long as 1.1790 is intact (no change in the ‘strong support’ level), there is still a chance that the pair will make a push above 1.1920 “.
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