Lee Sue Ann, economist at UOB Group, and Quek Ser Leang, market strategist, point out that the EUR/USD continue to rise and encounter strong resistance around 1.0700.
24 hour perspective: The EUR soared 0.71% yesterday (New York close at 1.0668) and closed at its highest level in over a month. The advance is accompanied by strong bullish momentum, and it seems likely that the Euro will continue to strengthen today. However, Any advance is likely to face solid resistance at 1.0700. The main resistance at 1.0740 is unlikely to be threatened. To maintain momentum, the Euro must stay above 1.0625 (minor support is at 1.0645).
Next 1-3 weeks: Yesterday, the Euro rose 0.71% (1.0668) and closed at its highest level in about a month. The price movement appears to be part of a bounce that is likely to extend above 1.0700. At the moment, it is too early to tell if the Euro has enough momentum to reach the 1.0740 area. He risk of a new rebound will remain intact as long as the Euro remains above 1.0600 in the coming days.
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.
