Lee Sue Ann, an economist at UOB Group, and Quek Ser Leang, a market strategist, suggest that EURUSD could advance further in the short term.
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24 hour view: “We expected EURUSD to “trade between 1.0265 and 1.0365″ yesterday. Our view was not wrong as EURUSD traded between 1.0270 and 1.0358. Prices suggest the pair could continue to range trade, probably between 1.0275 and 1.0375.”
Next 1-3 weeks: “Not much to add to our update from yesterday (Nov 14, EURUSD at 1.0325). As we have highlighted, following last week’s sharp rally, bullish momentum is strong and EURUSD is likely to continue to advance. That being said , short-term overbought conditions could lead to 1-2 days of consolidation first.Next level to watch is 1.0400.Overall just a break of 1.0200 (no change from yesterday’s “strong support” level) would indicate that the solid bullish momentum has subsided.”
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.
