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EUR/USD: Risk of EUR breaking 1.0850 increases – UOB Group

The Euro (EUR) is expected to trade in a range of 1.0795/1.0845. The risk of the EUR breaking above 1.0850 has increased, albeit moderately, analysts note. UOB Group.

EUR is ready to break above 1.0850

24 HOURS VIEW:”After the EUR rose last Friday, we noted yesterday that ‘bullish momentum has not increased much further.’ We stated that ‘rather than pulling back, the EUR is more likely to trade in a range between 1.0800 and 1.0845.’ Our view was not incorrect, as the EUR traded between 1.0800 and 1.0845, closing at 1.0822 (-0.13%). Momentum indicators are turning flat, and we continue to expect the EUR to trade in a range today, expected between 1.0795 and 1.0845.”

OUTLOOK 1-3 WEEKS:”Last Thursday (July 04, pair at 1.0785), we indicated that ‘although the increase in momentum suggests further EUR strength, it is too early to determine whether it can reach the major resistance at 1.0850.’ After the EUR rose, we indicated yesterday (July 08, pair at 1.0825) that ‘The risk of EUR breaking above 1.0850 has increased, albeit moderately. We continue to hold the same view. Overall, only a break of 1.0770 (no change in the ‘strong support’ level since yesterday) would indicate that the current bullish pressure has eased. Looking ahead, the next level to watch above 1.0850 is 1.0915.”

Source: Fx Street

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