Lee Sue Ann, an economist at the UOB Group, and Quek Ser Leang, a market strategist, point out that expect EURUSD to continue rising and hit a strong hurdle around 1.0480.
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24 hour view: “We highlighted yesterday that the outlook for EURUSD is mixed and we expect it to “trade choppy between 1.0270 and 1.0420″. However, EURUSD rallied as high as 1.0438 before easing. Price action appears to be part of consolidation and we expect EURUSD to trade sideways today between 1.0340 and 1.0440.”
Next 1-3 weeks: “Our update from yesterday (Nov 16, EURUSD at 1.0350) still stands. As we indicated, as long as the ‘strong support’ level at 1.0260 is not broken (the level was at 1.0230 yesterday), EURUSD could continue to advance. Without However, Tuesday’s high at 1.0480 is acting as solid resistance and EURUSD could find this level difficult to break.”
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.
