EUR/USD continues to target 1.1000 – UOB – by pabspiovano EURUSD Currencies Majors Banks
to refocus on the 1.1000 hurdle according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: We indicated last Friday that EUR “could rise above 1.0965 but is unlikely to threaten the next resistance at 1.1000.” EUR then rose briefly to 1.0970 before pulling back to close at 1.0933 . The current price movements appear to be part of a consolidation phase and EUR is likely to trade in a range of 1.0910/1.0970 today.
Next 1-3 weeks: Last Friday , we highlighted that EUR “is likely to rise further, albeit at a slower pace.” We added, “the next level to watch is 1.1000.” We continue to hold the same view even though overbought short-term conditions could lead to a couple of days of consolidation first. Overall, only a breach of 1.0845 would indicate the EUR strength that started more than a week ago has come to an end.
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