According to UOB Group strategists, the EUR/USD It could still move higher and test 1.1915 while awaiting 1.1945 in the next few weeks.
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24-hour perspective: “We highlighted last Friday that the EUR could rise to 1.1915. We added that a breakout of the next resistance at 1.1945 would be a surprise. Our expectations did not materialize as the euro retreated rapidly after touching 1.1909. The upward pressure has eased. and the current move is seen as part of a consolidation phase. In other words, it is the euro is likely to trade lateralized today, within a 1.1840 / 1.1895 range.”
Next 1-3 weeks: “Our update from last Friday (July 30, even at 1.1890) still stands. As we have highlighted, the EUR could continue to advance towards 1.1915, possibly towards 1.1945. On the downside, a break of 1.1825 (unchanged from the ‘strong support’ level) would indicate that the current upward pressure has eased. “
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