UOB Group currency strategists Quek Ser Leang and Peter Chia point out that the rise in the EUR/USD should meet the next upside barrier at 1.0180.
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24 hour view: “Although we expected EUR/USD to strengthen last Friday, we were of the opinion that “any advance is unlikely to break 1.0090″. However, EUR/USD broke above 1.0090 and shot up to 1.0112 before pulling back to close at 1.0039 ( +0.45%).Despite the sharp pullback, momentum remains positive and we see room for EUR/USD to retest the 1.0115 level.A sustained rally above this level is unlikely for today (next resistance is at 1.0140). Support is at 1.0030, but only a break of 1.0000 would indicate that EUR/USD is unlikely to move further.”
Next 1-3 weeks: “Last Thursday (Sep 8, EUR/USD at 0.9990), we indicated that downside risk had dissipated and we expected EUR/USD to consolidate and trade between 0.9900 and 1.0090. On Friday, EUR/ USD broke above 0.9990 and moved up to 1.0112.The bullish momentum is starting to solidify and EUR/USD is likely to trade with a bullish bias in the coming days.However, any advance is expected to face strong resistance at 1.0180. The bullish bias is intact as long as EUR/USD does not move below the “strong support” level, currently at 0.9960.”
Source: Fx Street
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