In the opinion of the currency strategists of UOB Group, el EUR / USD could break above the 1.1900 mark in the coming weeks.
24 hour perspective: “Yesterday we expected the EUR to move lower, but we are of the opinion that any weakness would be seen as a lower trading range of 1.1825 / 1.1875 and that a sustained decline below 1.1825 was unlikely.” The euro briefly fell to a low of 1.1815 before rising to a high of 1.1882 (closed at 1.1873, + 0.18%). Relatively strong bullish momentum suggests further EUR strength is likely, but in view of the overbought conditions that already exist, any advance is unlikely to break the main resistance at 1.1920 (1.1900 is already quite a strong level). On the downside, a breakout of 1.1835 would indicate that current bullish pressure has eased (minor support is at 1.1850) ”.
Next 1-3 weeks: “Not much to add to our last update on Tuesday (Nov 17, even 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 exited its consolidation phase. The euro has not been able to move much higher, but as long as 1.1790 is intact (unchanged at the ‘strong support’ level), there is still a chance that the EUR will make a push above 1.1920 “.
.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
