The Euro (EUR) is likely to trade in a higher range of 1.1110/1.1180. Solid momentum indicates further EUR strength; it remains to be seen whether the 2023 high of 1.1275 is within reach, note UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
The nearest resistance is at 1.1180
24-HOUR VIEW: “EUR briefly fell to 1.1099 in NY trading before rallying to 1.1173. EUR closed at 1.1150 (+0.18%). Today, EUR could rise above 1.1173, but any advance is seen as part of a higher 1.1110/1.1180 range. In other words, EUR is unlikely to break clearly below 1.1110 or above 1.1180.”
1-3 WEEK VIEW: “Yesterday, EUR broke above last December’s peak of 1.1140 (high of 1.1173) before closing at a 13-month high of 1.1150 (+0.18%). While solid bullish momentum indicates further EUR strength, it remains to be seen whether the 2023 high of 1.1275 is within reach in the coming weeks. Overall, we remain positive on EUR as long as the ‘strong support’ level at 1.1045 is not broken.”
Source: Fx Street
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