EUR/USD now targets the 1.0200 level .

In the opinion of Market Strategist at UOB Group Quek Ser Leang and Economist Lee Sue Ann, further upside in EUR/USD could extend to the 1.0200 region in the next few weeks.Key Quotes

24-hour view: “We highlighted yesterday that ‘The strong boost in momentum suggests EUR is likely to strengthen further’. We added, ‘In view of the overbought conditions, EUR might not be able to maintain a foothold above 1.0000’. We underestimated the upward momentum as EUR rocketed to a high of 1.0088 before closing on a strong note at 1.0077 (+1.13%). While still overbought, the rally in EUR will likely continue. The level to monitor is at 1.0150. For today, the major resistance at 1.0200 is likely out of reach. On the downside, a break of 1.0020 (minor support is at 1.0050) would indicate that current strong upward pressure has eased.”

Next 1-3 weeks: “We turned positive on EUR two days ago (25 Oct, spot at 0.9885). After EUR rose, we highlighted yesterday (26 Oct, spot at 0.9960) that ‘there is a high chance of EUR breaking 1.0000’. We indicated, ‘The next resistance is at 1.0050’. While our view of a higher EUR is correct, we were not expecting the rapid pace of advance as EUR blew past both 1.0000 and 1.0050 yesterday. Needless to say, upward momentum is still strong and we continue to expect EUR to rise. The next level to monitor is at 1.0200. Only a breach of the ‘strong support’ at 0.9950 (level was at 0.9850 yesterday) would indicate that EUR is unlikely to advance further.”

EUR/USD stays in a rangebound structure below 1.0100 ahead of ECB policy/US GDP

The EUR/USD pair has extended its lackluster performance in the Tokyo session as investors are awaiting the announcement of the interest rate decision by the ECB. In addition to the ECB policy, the US GDP data also carries the utmost importance.


GBP/USD pulls back before resuming uptrend towards 100DMA at 1.1740

GBP/USD pauses two-day bullish momentum, as the US dollar attempts a comeback. Markets turn cautious amid mixed headlines on the upcoming UK fiscal plan. Cable looks to recapture 100DMA amid a symmetrical triangle breakout.


Gold: Technical setup points to weakness on ECB/US GDP

Gold price is looking for a clear directional bias, stalling a two-day upswing towards $1,700, as investors brace for critical events this Thursday. The US dollar is recovering a bit of ground across the board after the relentless sell-off seen so far this week.

Gold News 

ApeCoin price hints at a 20% rally as crypto markets make a comeback

ApeCoin price is breaking out of a declining trend line, finalizing its nearly two-month downtrend. A daily candlestick close above this resistance level could trigger a 20% upswing to $5.79. Invalidation of this bullish outlook will happen on the breakdown of the $4.32 support level.

Leave a Comment

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s