EUR / USD can still visit 1.1640 in the short term – UOB

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In the opinion of the currency strategists at UOB Group, EUR / USD is expected to attempt a move to 1.1640 In the next weeks.

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24 hour view: “Yesterday we considered that ‘further gains are not ruled out, but the major resistance at 1.1640 is unlikely to enter the picture.’ Our view was not wrong as EUR / USD rose to 1.1624 before retreating. The upward pressure has lifted. eased and EUR / USD is unlikely to strengthen much further. For now, EUR / USD is more likely to move sideways within a 1.1570 / 1.1620 range. “

Next 1-3 weeks: “There is no change in our opinion yesterday (Oct 14, EUR / USD at 1.1595). As highlighted, the recent weak phase is over. The rapid rally has gained momentum and the EUR / USD is likely to trade with an upward bias towards 1.1640. Further advance is not ruled out, but 1.1640 may not be easy to overcome. The upside bias is considered intact as long as EUR / USD does not move below 1.1540 in these few days. “

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