Economist Lee Sue Ann and UOB Group market strategist Quek Ser Leang suggest that EURUSD is expected to continue rising and find stiff resistance at the 1.0480 zone In the next weeks.
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24 hour view: “We did not expect the volatility to rise as EURUSD traded erratically between 1.0278 and 1.0480 yesterday (we expected a range trade). Price volatility has led to a mixed picture and EURUSD could continue to trade choppy , probably between 1.0270 and 1.0420″.
Next 1 to 3 weeks: “On Monday (Nov 14, EURUSD at 1.0325) we highlighted that EURUSD is likely to continue advancing and the next level to watch is 1.0400. Although our view that the euroEURUSD would continue to advance turned out to be correct, we did not expect the volatility of the prices, as EURUSD reached a high of 1.0480 in NY session before pulling back sharply.Short-term bullish momentum has eased a bit, but as long as it doesn’t break above 1.0230 (“strong support” level was yesterday at 1.0200), the pair could continue to advance. However, 1.0480 is acting as a solid resistance level now and EURUSD could find this level difficult to break.”
Source: Fx Street
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