EUR / USD Still Targeting a Breakout of 1.1910 – UOB

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Forex strategists at UOB Group still see the EUR/USD topping the 1.1910 level in the coming weeks.

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24-hour perspective: “We highlighted yesterday that the upside momentum had eased a bit and this, coupled with the overbought conditions, suggested that the EUR was unlikely to strengthen much further and we expected the EUR to trade sideways between 1.1865 and 1.1910. However, the euro has traded within a lower (and tighter) range than expected (1.1854 / 1.1886). Momentum indicators are mostly neutral and further sideways trade would not be surprising. Expected range for today, 1.1855 / 1.1895.”

Next 1-3 weeks: “Our update yesterday (Sep 06, pair at 1.1885) still stands. As highlighted, while short-term overbought conditions could lead to a couple of days of consolidation first, a clear break of the main resistance at 1.1910 would not be surprising. That said, the outlook for the current EUR strength to extend to 1.1970 is not high for now. On the downside, a breakout of 1.1830 (unchanged from the strong support level) would indicate that the EUR strength that started 2 weeks ago has run its course.

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