According to UOB Group currency strategists Lee Sue Ann and Quek Ser Leang, EUR/USD gains could accelerate once the 1.0300 level is broken.
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24 hour view: “Yesterday we expected EUR/USD to ‘trade between 1.0160 and 1.0260’. However, EUR/USD rose to a high of 1.0275 before closing on a firm tone at 1.0261 (+0.42%). to consolidate and the bias for today is to the upside However, it remains to be seen if EUR/USD can break the main resistance at 1.0300 (there is another resistance at 1.0285) Support is at 1.0230 but only a break of 1.0205 would indicate that the buildup of momentum has faded.”
Next 1-3 weeks: “We hold the same view as last Thursday (July 28, EUR/USD at 1.0205), where the current move in EUR/USD appears to be part of a consolidation phase and is likely to trade between 1.0100 and 1.0285. EUR/ USD hit a high of 1.0275 yesterday before closing on a firm note at 1.0261 (+0.42%) Upside momentum is starting to solidify and risk seems to be shifting to the upside That being said, EUR/USD needs to break 1.0300 first before that a sustained advance is likely At this point in time, the possibility of EUR/USD breaking 1.0300 is high, as long as it does not move below 1.0165 (‘strong support’ level) within these two days. Looking ahead, the next resistance above 1.0300 is at 1.0360.”
Source: Fx Street

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