Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest the next target of note for EUR/USD emerges at the 1.0480 level in the near term.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the rebound in EUR has scope to extend but the major resistance at 1.0375 is unlikely to come into view’. The anticipated advance exceeded our expectations as EUR soared to a high of 1.0404. Strong upward momentum suggests further EUR strength even though last week’s high of 1.0480 is likely out of reach today (there is another resistance level at 1.0440). Support is at 1.0360, a breach of 1.0335 would indicate that the current upward pressure has eased.”

Next 1-3 weeks: “Yesterday (23 Nov, spot at 1.0305), we held the view that EUR is likely to trade within a range of 1.0180/1.0375. We did not expect the rapid manner in which EUR soared above 1.0375 (high has been 1.0404). The rapid build-up in momentum is likely to lead to further EUR gains. The level to monitor is last week’s high of 1.0480. The upside risk is intact as long as EUR does not move below the ‘strong support’ level, currently at 1.0300. On a shorter-term note, 1.0335 is already a strong support level. Looking ahead, the next resistance above 1.0480 is at 1.0560.”

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Feed news Join Telegram

Recommended content


Recommended content

Editors’ Picks

EUR/USD clings to recovery gains below 1.0400 ahead of German inflation

EUR/USD clings to recovery gains below 1.0400 ahead of German inflation

EUR/USD is holding onto recovery gains below the 1.0400 mark heading in early Europe. The renewed sell-off in the US Dollar amid the China reopening optimism underpins the Euro. Focus shifts to ECB-speak and Germany's inflation data. 

EUR/USD News

GBP/USD retreats from daily highs, holds above 1.2000

GBP/USD retreats from daily highs, holds above 1.2000

GBP/USD has lost its bullish momentum and retreated toward 1.2000 during the European trading hours on Tuesday. With the upbeat market mood not allowing the US Dollar to gather strength, however, the pair stays in positive territory ahead of US data, Bailey testimony.

GBPUSD News

Gold recovery needs acceptance above $1,760

Gold recovery needs acceptance above $1,760

Gold price picks up bids to reverse the previous day’s losses amid cautious optimism in the financial markets. Easing in China Covid numbers, efforts to defend reality sector join downbeat US Dollar to favor Gold buyers. Hopes of more positives from China signal further upside. 

Gold News

Can XRP price kick-start 30% upswing if China removes zero-Covid restrictions?

Can XRP price kick-start 30% upswing if China removes zero-Covid restrictions?

XRP price shows that it is taking its sweet time to overcome and sustain above a crucial resistance level. It could catalyze a quick run-up.

Read more

Hawkish Fed speak adds to macro headwinds

Hawkish Fed speak adds to macro headwinds

St. Louis Fed President James Bullard said in an online event that the Fed will need to hike rates into next year and that there is still "a ways to go" before a policy is "restrictive."

Read more

Forex MAJORS

Cryptocurrencies

Signatures