EUR/USD: Door open for a probable move towards 1.0750 – UOB

According to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB group, the EUR/USD it could head towards the 1.0750 area in the coming weeks.

24 hour perspective: “Our view that the EUR would trade sideways was incorrect as it rallied as high as 1.0694 before closing on a firm note at 1.0678 (+0.43%). advance has gained momentum and euro is likely to break above 1.0700. The next major resistance, at 1.0750, is probably out of reach today. Support is at 1.0660, followed by 1.0635″.

Next 1 to 3 weeks: “Our latest analysis is from last Friday (March 3, pair at 1.0605) where we believe the Euro was likely to consolidate and trade between 1.0530 and 1.0700. Yesterday the Euro peaked at 1.0694. Bullish momentum continued is consolidating and the Euro seems to be about to break above 1.0700 and head towards 1.0750. Right now, the chances of a sustained advance above 1.0750 are not high. To the downside, a break of the strong support level, currently at 1.0615, would indicate that the upside risk has faded.”

Source: Fx Street

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