EUR/USD is now seen within 1.0260 and 1.0430 – UOB
|In the opinion of UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang, EUR/USD is now expected to trade between 1.0260 and 1.0430 in the next weeks.
Key Quotes
24-hour view: “Yesterday, we held the view that EUR ‘could drop to 1.0300’. However, EUR traded between 1.0318 and 1.0394 before closing slightly lower at 1.0327 (-0.10%). We continue to see downside risk for EUR even though the lackluster downward momentum suggests EUR is unlikely to challenge the major support at 1.0260. Resistance is at 1.0360, followed by 1.0390.”
Next 1-3 weeks: “There is no change in our view from yesterday (29 Nov, spot at 1.0345). As highlighted, the recent upward momentum has more or less dissipated. For the time being, EUR is likely to trade between 1.0260 and 1.0430. Looking ahead, if EUR breaks clearly below 1.0260, it could lead to a deeper drop.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.