EUR/USD is now facing a possible test of 1.1120 – UOB

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According to economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group, a further rise could lead to EUR/USD to the 1.1120 area in the coming weeks.

24 hour outlook: “The EUR took off during New York time and rallied as high as 1.1000 before extending its gains in early Asian hours. Although the wildly rapid rally appears to have been overdone, the advance shows no signs of slowing down moment In other words, a greater strength of the euro is not ruled out. That being said, the main resistance at 1.1120 is unlikely to appear today (there is another resistance at 1.1055). Support at 1.0975, a break of 1.0940 would indicate that the current strong bullish pressure has subsided.”

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Next 1-3 weeks: “On Monday (Jan 30, pair at 1.0870) we saw that the euro seemed to have entered a consolidation phase and was likely to trade between 1.0800 and 1.0930 for the time being. Yesterday the euro took off and shot up for above 1.0930 The consolidation phase has ended quickly and euro likely to rally towards 1.1120. To the downside, the break of 1.0900 (strong support level) would indicate that the USD is not ready to go to 1.1120.”

Source: Fx Street

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