UOB Group FX strategists now believe that the EUR/USD it could head towards the 1.1640 level in the short term.
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24-hour perspective: “The strong rise of the EUR to a high of 1.1597 was a surprise (we expected a side trade). New earnings are not ruled out, but main resistance at 1.1640 is unlikely to enter the picture (1.1620 is already quite a strong level). The support is at 1.1575 followed by 1.1560. “
Next 1-3 weeks: “Yesterday, the EUR spiked past our ‘strong resistance’ level at 1.1585 before closing higher at + 0.56% (NY close at 1.1592), its biggest one-day gain in 5 months. Strong resistance indicates that the weak phase that started 2 weeks ago is over. The rapid rise has quickly gained momentum and is Euro likely to bias upward towards 1.1640. Further advancement is not ruled out, but it may not be easy to break. The upside bias is considered intact as long as the EUR does not move below 1.1540 in these few days. “
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