Currency strategists at UOB Group note that upside momentum in EUR / USD could extend to 1.1910 level In the next weeks.
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24 hour view: “We expected the EUR / USD to strengthen last Friday, but we are of the opinion that ‘the next major resistance at 1.1910 might be out of reach.’ Our opinion was not wrong as the EUR / USD rose to a high of 1.1908 earlier. momentum has eased somewhat and this, coupled with overbought conditions, suggests that EUR / USD is unlikely to strengthen much further. For now, EUR / USD is more likely to trade laterally between 1.1865 and 1.1910. “
Next 1-3 weeks: “We highlighted last Friday (September 3, EUR / USD at 1.1875) that the strength of the EUR / USD remains intact and the next level to focus on is a solid resistance at 1.1910. Subsequently, the EUR / USD rose to a pair of pips of 1.1910 (high of 1.1908) before relaxing to close slightly higher at 1.1882 (+ 0.08%). Short-term overbought conditions could lead to a couple of days of consolidation first, but while 1.1830 (the “strong support” level was at 1.1800 last Friday) do not break, a clear break of 1.1910 would not be surprising. That said, the prospect of the current EUR / USD strength extending to 1.1970 is not high for now ” .
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