The currency strategists of UOB Group They noted that the outlook for EUR / USD remains positive as long as it is above the 1.1790 level.
24 hour perspective: “We highlighted yesterday that the bullish momentum had diminished considerably and the risk of the EUR moving to 1.1920 from here was low. We expected the euro to consolidate and trade between 1.1830 and 1.1895.” Subsequently, the EUR traded within a narrower than expected range (1.1847 / 1.1891) before closing little changed at 1.1852 (-0.08%). Further consolidation would not be surprising, but the underlying tone has weakened a bit and this could lead to the common currency moving lower., but any weakness is considered a lower trading range of 1.1825 / 1.1875 (a sustained drop below 1.1825 is unlikely) “.
Next 1-3 weeks: “Not much to add to our update yesterday (Nov 17, even at 1.1860). As highlighted, the bullish momentum has improved slightly, but the EUR has to close above 1.1920 to indicate that it has emerged from its consolidation phase. Looking ahead, the next resistance above 1.1920 is at 1.1970 (followed by the year-to-date high at 1.2011). The The current slightly positive outlook is considered intact as long as the EUR does not move below 1.1790 (no change in ‘strong support’ level) “.
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