Quek Ser Leang, UOB Group Market Strategist, and Peter Chia, Senior Currency Strategist, point out that EUR/USD bullish bias appears to be picking up.
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24 hour view: Last Friday we highlighted that “further EUR/USD strength is not ruled out.” We add that “support is at 1.0760, a break of 1.0740 would suggest that the current bullish pressure has faded”. EUR/USD rose to 1.0785 and then fell to a low of 1.0741. The price action is likely to be part of a consolidation with EUR/USD trading today between 1.0730 and 1.0775.
Next 1-3 weeks: Last Friday (June 9, EUR/USD at 1.0780), we noted that “upside momentum is timid and it is not clear at this time if EUR/USD has enough momentum to rally to 1.0850”. EUR/USD fell to a low of 1.0741 during the American session. We remain of the same view, but a clear break of 1.0730 (no change at the “strong support” level) would indicate that EUR/USD is not ready to go to 1.0850.
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.
