EUR/USD: Next resistance at 1.1685 is unlikely to come under threat – UOB Group
|There is scope for Euro (EUR) to test the 1.1655 level again; the next resistance at 1.1685 is unlikely to come under threat. In the longer run, EUR is expected to trade with an upward bias towards 1.1685; it is too early to determine whether it can break clearly above this level, Société Générale's FX analysts note.
EUR is expected to trade with an upward bias
24-HOUR VIEW: "Our view of range trading yesterday was incorrect, as EUR soared to a high of 1.1655. While the sharp rise appears excessive, there is scope for EUR to test the 1.1655 level again. The next resistance at 1.1685 is unlikely to come under threat. Support is at 1.1615; a breach of 1.1600 would indicate that the current upward pressure has eased."
1-3 WEEKS VIEW: "We have expected EUR to trade in a range since late last week. In our most recent narrative from Wednesday (12 Nov, spot at 1.1585), we highlighted that we 'continue to expect range-trading, but now anticipate a narrower range of 1.1520/1.1610'. Yesterday, EUR broke above 1.1610 and reached a high of 1.1655. Upward momentum has increased, but not significantly. From here, we expect EUR to trade with an upward bias towards 1.1685. Currently, it is too early to determine whether EUR can break clearly above this level. To sustain the upward momentum, EUR must hold above the ‘strong support’ level, now at 1.1575."
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.