The currency strategists of UOB Group noted that the EUR/USD it shows companies and it is expected that come up in the next few weeks.
24 hour perspective: “Yesterday, we held the view that there was room for the EUR to first test 1.1955 before a pullback could be expected. Our outlook was not entirely satisfactory as the EUR pulled back after hitting a high of 1.1940. The build-up momentum has diminished considerably and the single currency is unlikely to strengthen today. Overall, the current move is considered part of a consolidation phase and is EUR likely to trade within a 1.1880 / 1.1935 range ”.
Next 1-3 weeks: “Two days ago (Nov 24, pair at 1.1845), we held the view that the EUR could trade sideways for a period of time and only a breakout of the expected range of 1.1760 / 1.1920 would signal the start of a more sustained directional move. . While the euro broke the solid resistance at 1.1920 yesterday, subsequent price actions were surprisingly weak (1.1929 high). Having said that, EUR stronger expected even though any progress could be slow and the next resistance at 1.1980 may not appear so soon. On the downside, a breakout of 1.1840 (strong support level) would indicate that the risk of further strength has dissipated. “
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