Quek Ser Leang, Market Strategist at UOB Group, assesses recent price action around to EUR/USD.
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“In our Chart of the Day update about 3 weeks ago (Jan 13, 2023, when EUR/USD is trading at 1.0840), we held the view that EUR/USD is likely to continue to advance. We highlighted that, “break above the top of the weekly Ichimoku cloud at 1.0930 would suggest further upside risk in the coming months.” We indicate that “next resistance level above 1.0930 lies at 1.1120.”
“EUR/USD subsequently rallied but did not break 1.0930 until yesterday (01 Feb 2023) when it broke above 1.0930 and moved above the top of the weekly Ichimoku cloud for the first time since June 2021. Price actions have further improved the technical outlook for EUR/USD Not surprisingly, we continue to expect EUR/USD to rally While EUR/USD is likely to break above 1.1120, it remains to be seen if the 2022 high of 1.1495 is within reach in the coming months.”
“On the downside, 1.0785 is a solid support level. However, only a break of the 55-week EMA (currently at 1.0615) would indicate that the recovery started in Sep 2022 does not extend further.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
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