Lee Sue Ann, an economist at the UOB Group, and Quek Ser Leang, a market strategist, point out that the EURUSD needs to break above 1.0415 to challenge the 1.0480 level.
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24 hour view: “Last Friday we highlighted that there was limited downside risk to EURUSD and we expected it to “trade between 1.0315 and 1.0415″. EURUSD subsequently traded in a tighter range than expected (1.0311/1.0395). The underlying tone has softened a bit and EURUSD is likely to turn lower today. However, any decline is unlikely to break the support at 1.0280 (next support is at 1.0240). Resistance is at 1.0360, followed by 1.0395.”
Next 1-3 weeks: “There is no change in our view since last Friday (Nov 18, EURUSD at 1.0360). As we have highlighted, to maintain the current bullish momentum, EURUSD has to break and hold above 1.0415 soon or the possibility of “Running to 1.0480 will decline quickly. Conversely, a break of 1.0280 (no change at the ‘strong support’ level) would suggest EURUSD does not go any 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.
