EUR / USD is now heading to the 1.1500 mark and above – UOB

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UOB Group forex strategists now see the EUR/USD facing some short-term consolidation before a potential move past the 1.1500 figure.

24 hour perspective: “We highlighted yesterday that strong momentum to the upside suggested that the EUR could further strengthen to 1.1470. However, we added that the next resistance at 1.1515 was likely to be out of reach. Our view was not wrong, as the euro rose to 1.1481 before moderating. The momentum to the upside has diminished somewhat and this, coupled with the overbought conditions, suggests that the EUR is unlikely to strengthen much further. At the moment, it is more. EUR likely to consolidate and trade between 1.1435 and 1.1485.”

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Next 1-3 weeks: “Yesterday (Jan 13, pair at 1.1440), we highlighted that the euro was likely to continue to move higher. We indicated that the next resistance was at 1.1470 followed by 1.1515. Subsequently, the EUR rose to 1.1481 earlier. to moderate. expecting the euro to move further towards 1.1515, despite the fact that short-term overbought conditions could lead to a couple of days of consolidation first. In general, only a break of 1.1390 ​​(the ‘strong support level’ was at 1.1370 yesterday) would indicate that the current upward pressure has eased.

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