#EURUSD @ 0.97894 now faces some consolidation – UOB
…
This is a premium post.
[s2If !current_user_can(access_s2member_level4)]Please register for PREMIUM VERSION HERE to read full post below containing analysis. In case of any error or you think you are not able to read the full post below, please email us at support#nehcap.com [lwa][/s2If] [s2If current_user_can(access_s2member_level4)]
Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia at UOB Group suggest EUR/USD is now seen trading within the 0.9630-0.9900 range in the next few weeks.
24-hour view: “EUR plunged to a low of 0.9631 before staging a remarkable rebound to a high of 0.9805 in NY trade (closed at 0.9773, +0.71%). The outsized rebound could extend to 0.9835 before a pullback is likely. The major resistance at 0.9900 is not expected to come into view. Support is at 0.9740, followed by 0.9700.”
Next 1-3 weeks: “Yesterday (13 Oct, spot at 0.9715), we indicated EUR is under mild pressure. We highlighted that EUR has to break below 0.9630 before a sustained decline can be expected. EUR dropped to 0.9631 in early NY trade before rebounding strongly to a high of 0.9805. While our ‘strong resistance’ level at 0.9820 is not breached, the mild downward pressure has dissipated. We view the current price movement as part of a broad consolidation range and expect EUR to trade between 0.9630 and 0.9900 for the time being.”
[/s2If]
Join Our Telegram Group
