Quek Ser Leang, Market Strategist at UOB Group, and Lee Sue Ann, Economist, suggest that EUR/USD could still advance towards the 1.0945 level in the coming weeks.
24-hour outlook: Our expectation of a “further EUR/USD advance” did not materialize as it traded between 1.0830 and 1.0887. Price developments are likely to be part of a consolidation phase. In other words, EUR/USD is likely to trade within a range today, probably between 1.0815 and 1.0880.
Next 1-3 weeks: After EUR/USD rose on Tuesday, yesterday (November 15, EUR/USD at 1.0880) we highlighted that “further EUR/USD strength appears likely.” We also highlight that “the level to watch is 1.0945.” Our opinion has not changed. Overall, only a break of 1.0770 (no change to the “strong support” level) would indicate that EUR/USD is not strengthening further.
Source: Fx Street
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