Forex strategists at UOB Group are now pointing out that the EUR/USD advance past 1.1900 in the next few weeks.
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24-hour perspective: “Although we expected the EUR to strengthen yesterday, we are of the opinion that 1.1895 was not expected to be threatened. Our view was not bad even though the euro was just a few pips away from 1.1895 as it touched 1.1892 during the last hours of New York. The advance is in overbought territory, but no signs of weakness yet, with the EUR pointing higher at 1.915. A break of the next resistance at 1.1945 would be a surprise. The support is at 1.1865 followed by 1.1845. A break of 1.1845 would indicate that the current upward pressure has eased. “
Next 1-3 weeks: “We were positive in the euro yesterday (July 29, pair at 1.1845). We highlighted that a slight upward pressure could lead to a higher EUR, but any advance was expected to meet solid resistance in 1.1895 While our view of a stronger euro was not wrong, we did not fully anticipate how quickly it approached 1.1895 (yesterday’s high of 1.1892). EUR could continue to advance around 1.1915, possibly 1.1945. On the downside, a break of 1.1825 (the ‘strong support level’ was at 1.1770 yesterday) would indicate that the current upward pressure has eased. “
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