Economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group suggest that the EUR/USD you could extend your profits once 1.0800 is broken.
24 hour perspective: “Yesterday we highlighted that there was room for the EUR to rally to 1.0760 before a pullback was likely. And we added that the main resistance at 1.0800 was unlikely to be in sight. The anticipated advance was larger than expected and the euro reached a high of 1.0788 Although overbought, the rapid rise shows no signs of weakness at the moment. The euro could exceed 1,800, but it remains to be seen if it is able to stay above this important resistance level (next resistance is at 1.0850). Support is at 1.0745, a break of 1.0720 would indicate that the euro does not advance further.”
Next 1-3 weeks: “On Monday (Mar 20, pair at 1.0680), we indicated that the EUR seemed to be trading in a consolidation phase, probably in a wide range between 1.0600 and 1.0800. Yesterday (Mar 21, pair at 1.0720), we highlighted that the firm near-term prospects suggested the euro was likely to test 1.0800 in the coming days Bullish momentum is starting to pick up, but Euro has to break and hold above 1.0800 before a sustained rally is likely. The probability of the Euro breaking higher will remain intact as long as it stays above 1.0680 in the coming days. Looking ahead, the next resistance level above 1.0800 is at 1.0850.”
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.
