According to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group, a further rise could motivate the EUR/USD to challenge the 1.0785 level in the coming weeks.
24 hour perspective: “Yesterday we highlighted that the EUR was likely to continue to strengthen but might not be able to hold above 1.0785. However, the Euro traded in a relatively tight range of 1.0710/1.0758 before closing virtually unchanged at 1.0734 (+ 0.06%). euro is in consolidation phase and is likely to trade between 1.0700 and 1.0760 today“.
Next 1-3 weeks: “Not much to add to our update from yesterday (Jan 10, pair at 1.0730). As we noted, the ease with which the euro got rid of 1.0735 suggests that likely to go for another strong resistance at 1.0785. Upside risk is intact as long as the EUR remains above 1.0650 (strong support level unchanged). Looking ahead, a break of 1.0785 would shift focus towards 1.0900.”
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
