FX Strategists at UOB Group now forecast EUR/USD to navigate within the 1.1690-1.1830 range in the next weeks.
Key Quotes
24-hour view: “Our expectation for EUR to ‘trade sideways’ yesterday was wrong as it popped to a high of 1.1793 before closing on a firm note at 1.1766 (+0.41%). Upward momentum has improved, albeit not by all that much. From here, there is scope for EUR to test 1.1805 first before a more sustained pull-back can be expected (next resistance is at 1.1830). Support is at 1.1730 followed by 1.1710.”
Next 1-3 weeks: “After trading in a quiet manner for a couple of days, EUR soared to a high of 1.1793 yesterday (19 Oct). The break of our ‘strong resistance’ at 1.1790 indicates that the recent mild downward pressure has eased (we were expecting EUR to trade with a downward bias towards 1.1650). Momentum indicators are mostly neutral now and EUR is likely to trade between 1.1690 and 1.1830 for now.”
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