0748 GMT – EUR/USD’s rebound has room to extend beyond the end-August high of 1.0945, based on technical charts, says Quek Ser Leang, markets strategist at UOB’s Global Economics & Markets Research, in a research note. Although EUR/USD’s outsized recovery since Tuesday seems to be running ahead of itself, its weekly moving average convergence divergence indicator is turning positive, suggesting there’s scope for the currency pair to rebound further, the strategist says. However, any EUR/USD advance is probably part of a “recovery phase,” and the probability of it breaking above subsequent resistance at 1.1065 seems lower, the strategist adds. EUR/USD is down 0.1% at 1.0836. ([email protected])

Source: Wall Street Journal November 16, 2023 08:41 UTC