In the opinion of the UOB Group’s currency strategists, the current upside momentum has the potential to push EUR/USD to the 1.1080 zone on the short-term horizon.
Featured Comments
24 hour view: “EUR/USD moved choppy yesterday before closing at 1.1032 (+0.74%). The underlying tone has turned firm and EUR/USD could move higher from here. That said, a break of the Major resistance at 1.1080 looks unlikely. Support is at 1.1005, followed by 1.0980.”
Next 1-3 weeks: “We have expected EUR/USD to move sideways since the beginning of the week. After moving sideways for several days, EUR/USD is nearing the top of our expected range of 1.0870/1.1080. Upside momentum short-term has improved a bit and EUR/USD could break above 1.1080 Looking ahead, EUR/USD has to break 1.1120 before a sustained advance is likely For now, the possibility of EUR/USD break 1.1120 is not high, but it would remain intact as long as EUR/USD does not move below the ‘strong support’ level, currently at 1.0920”.
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
