- Analytics
- News and Tools
- Market News
- EUR/USD could now retest 1.0660 – UOB
EUR/USD could now retest 1.0660 – UOB
Further improvement could prompt EUR/USD to revisit the 1.0660 region in the near term, comment Economist Lee Sue Ann and Markets Strategist Quek Ser at UOB Group.
Key Quotes
24-hour view: We expected EUR to trade sideways between 1.0535 and 1.0595 yesterday. However, after dipping briefly to 1.0545, EUR rose quickly to a high of 1.0624. Upward momentum is improving, albeit not much. Today, EUR could rise to the major resistance at 1.0660 (minor resistance is at 1.0635). At this time, it does not appear to have enough momentum to move above this level in a sustained manner. Support is at 1.0590, followed by 1.0565.
Next 1-3 weeks: Yesterday (30 Oct, spot at 1.0560), we noted EUR is still trading in a range. We added, “given the lower volatility, it is likely to trade in a narrower range of 1.0510/1.0660.” EUR then rose to a high of 1.0624. Upward momentum has improved a tad, and the risk of EUR breaking above 1.0660 has increased. The risk of EUR breaking clearly above 1.0660 will remain intact as long as EUR stays above 1.0545 in the next few days. Looking ahead, the next levels to watch above 1.0660 are at 1.0695 and 1.0730.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
