EUR/USD: Upward momentum gathers pace – UOB – by pabspiovano EURUSD Currencies Majors Banks
UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia note the upside bias in24-hour view: We highlighted last Friday that “further EUR strength is not ruled out”. We added, “support is at 1.0760, a break of 1.0740 would suggest the current upward pressure has faded”. EUR rose to 1.0785 and then dropped to a low of 1.0741. The price actions are likely part of a consolidation and EUR is likely to trade between 1.0730 and 1.0775 today.
Next 1-3 weeks: Last Friday , we noted that “upward momentum is building tentatively and it is not clear for now if EUR has enough momentum to rise to 1.0850”. EUR fell to a low of 1,0741 in NY trade. We continue to hold the same view but a clear breach of 1.0730 would indicate that EUR is not ready to move to 1.0850.Information on these pages contains forward-looking statements that involve risks and uncertainties.
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