Forex strategists at UOB Group noted that the EUR/USD now it could extend the recovery to the 1.1865 level in the short term.
Featured statements
24-hour perspective: “Our view of the EUR trading sideways yesterday was incorrect, as it shot up to 1.1856 during the New York session. Despite the advance, the upside momentum has not improved that much. That said, there is scope for the EUR to test the main support at 1.1865. For today, a sustained rise above this level is unlikely (next resistance is at 1.1910). Support appears at 1.1820 followed by 1.1795. “
Next 1-3 weeks: “We have maintained a positive view for the euro since last Tuesday (Aug 24, pair at 1.1745). In our last narration yesterday (Sep 1, cross at 1.1810), we indicated that short-term bullish momentum seemed to have diminished a bit, but the current positive outlook was considered intact as long as the EUR did not move below the strong support level at 1.1760. We add that the next level to focus on is 1.1865, while the EUR subsequently rose to 1.1856 , the bullish momentum hasn’t improved much. However, a breakout of 1.1865 would not be surprising. The next level to focus on above 1.1865 is a pretty solid resistance at 1.1910. On the downside, the strong support level has risen to 1.1775 from 1.1760.
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
