EUR/USD continues to target the 1.1000 area – UOB

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Economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group suggest that the EUR/USD remains poised to challenge the key 1.1000 area in the coming weeks.

24 hour outlook: “Yesterday we noted that the bullish momentum had improved a bit and we held the view that the EUR could break above 1.0950. However, the euro pulled back from 1.0929 to 1.0848 before rebounding to close at 1.0889 (-0.24%). The evolution of prices seem to be part of a consolidation phase and it is the euro is likely to trade today between 1.0855 and 1.0925“.

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Next 1-3 weeks: “There is not much to add to our update from yesterday (Jan 26, pair at 1.0920). As we highlighted, although the bullish momentum has not improved much, the euro seems willing to rise towards 1.1000. Given the current low momentum, it is likely that any progress be slow. The current slight bullish pressure will remain intact as long as the Euro remains above 1.0840. Looking ahead, a break of 1.0840 would suggest that the Euro could consolidate first before heading higher later on.”

Source: Fx Street

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