Market news
05.11.2024, 08:14

EUR/USD: Upward momentum is beginning to build – UOB Group

The Euro (EUR) is expected to consolidate between 1.0850 and 1.0905. In the longer run, upward momentum is beginning to build, but any advance in EUR is likely to face significant resistance at 1.0935, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.

EUR is likely to face resistance at 1.0935

24-HOUR VIEW: “We noted yesterday that ‘the outlook for EUR is mixed.’ We expected it to ‘trade sideways, likely staying within last Friday’s range of 1.0831/1.0905.’ EUR subsequently traded in a narrower and higher range of 1.0870/1.0914, closing at 1.0877 (+0.40%). The price movements did not result in any increase in either downward or upward momentum. The current price movements are likely part of a consolidation phase. Today, we expect EUR to trade between 1.0850 and 1.0905.”

1-3 WEEKS VIEW: “Our most recent narrative was from last Friday (01 Nov, spot at 1.0885), wherein ‘upward momentum is beginning to build, but any advance in EUR is likely to face significant resistance at 1.0935.’ Yesterday, EUR gapped higher upon opening. During London trade, it rose briefly to a fresh 3-week high of 1.0914 before pulling back to close at 1.0877. While we continue to expect EUR to advance, there has been no further increase in momentum, and it remains to be seen if it can break above 1.0935 in a sustained manner. On the downside, a breach of 1.0830 (‘strong support’ level previously at 1.0815) would mean that the current upward pressure has faded.”

© 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.

AML Website Summary

Risk Disclosure

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.

Privacy Policy

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
Feedback
Live Chat E-mail
Up
Choose your language / location