According to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB group, yes the EURUSD break above 1.0415 should put a short-term test of 1.0480 back on the radar.
24 hour perspective: “We expected the Euro to trade sideways between 1.0340 and 1.0440 yesterday. However, it fell as low as 1.0303 before bouncing sharply to end the day at 1.0360. Despite the decline, bearish momentum has barely improved and we see downside risk limited for the euro For today, we expect the euro to trade between 1.0315 and 1.0415“.
Next 1-3 weeks: “On Wednesday (November 16, pair at 1.0350), we indicated that as long as 1.0260 (strong support level) is not broken, the euro could continue to advance even if 1.0480 is not easy to break. Yesterday, the euro fell to 1.0303 before bounce.To maintain the bullish momentum, the euro has to break and hold above 1.0415 in the next 1-2 days or the chance of a rally to 1.0480 will dwindle quickly. Conversely, a break of 1.0280 (previous strong support level at 1.0260) would suggest that the euro does not advance further.”
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.
