UOB Group currency strategists Quek Ser Leang and Peter Chia suggest that EUR/USD faces further gains once it breaks above 1.0800.
Key comments
24 hour view: “Last Friday we highlighted that the ‘swift rise in EUR/USD could extend but major resistance at 1.0800 is unlikely to be threatened’. Our expectations did not quite materialize as EUR/USD rose as high as 1.0764 earlier to pull back and close at 1.0718 (-0.25%) Momentum indicators are turning neutral and EUR/USD appears to have entered a consolidation phase EUR/USD is likely to trade between 1.0690 and 1.0760 for today “.
Next 1-3 weeks: “No change in our view since last Friday (June 3, EUR/USD at 1.0745). As we have highlighted, EUR/USD clearly needs to break above 1.0800 before further advance is likely. of EUR/USD breaking 1.0800 is quite high and would rise further as long as EUR/USD does not move below 1.0675 (‘strong support’ level) in this couple of days.”
Source: Fx Street
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