Forex Strategists UOB Group, Quek Ser Leang and Peter Chia, noted that EUR/USD further rallies should find strong resistance around 1.0645 in the coming weeks.
24 hour outlook: “The euro rose as high as 1.0593 last Friday before easing to close at 1.0560 (-0.25%). The underlying tone seems to have improved and the trend for today is for the euro to test last week’s high near 1.0605. We do not expect a sustained rally above this level. The next resistance is at 1.0645. To the downside, a break of 1.0530 (minor support is at 1.0550) would indicate that the current slight upside pressure has subsided.”
Next 1-3 weeks: “The euro rose to a high of 1.0607 last Thursday (May 19). The advance appears to be part of a corrective bounce that has room to extend further. However, any advance is expected to face strong resistance at 1.0645. The rebound phase is considered intact as long as the euro does not move below 1.0500 (‘strong support’ level).”
Source: Fx Street
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