EUR/USD now looks to test 1.1410 – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, EUR/USD could now be headed towards the 1.1410 area in the near term.

Key Quotes

24-hour view: “We highlighted yesterday that ‘the bias for EUR is on the upside but a clear break of 1.1325 is unlikely’. However, EUR soared to 1.1382, plunged quickly to 1.1234 before rebounding back up again. The volatile price actions have resulted in a mixed outlook. For today, further choppy price actions would not be surprising, likely between 1.1260 and 1.1380.”

Next 1-3 weeks: “Two days ago (29 Nov, spot at 1.1290), we highlighted that EUR has moved into a consolidation phase and we expected EUR to trade between 1.1220 and 1.1360. We did not anticipate the increase in volatility as EUR traded in a choppy manner yesterday (30 Nov) and within a broad range of 1.1234/1.1382 before closing on a firm note at 1.1336 (+0.40%). Upward momentum has improved and we see room for EUR to trade with an upward bias towards 1.1410. At this stage, a sustained rise above this level is unlikely. On the downside, a breach of the ‘strong support’ (currently at 1.1220) would indicate that EUR is not ready to head towards 1.1410.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.