The UOB Group’s market strategist, Quek Ser Leang, and the economist Lee Sue Ann, come to the EUR/USD with additional gains once the 0.9935 level has been broken.
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24 hour view: “EUR/USD rose yesterday to a 2 1/2-week high at 0.9899 before closing at 0.9874 (+0.14%). Bullish momentum is building and the risk for today is to the upside. However, the possibility that EUR/USD breaks major solid resistance at 0.9935 is not high for now. To the downside, a break of 0.9835 (minor support is at 0.9860) would indicate that the momentum build-up has faded.”
Next 1-3 weeks: “EUR/USD closed yesterday at 0.9874, its highest daily close since the beginning of the month. Short-term bullish momentum is starting to solidify and the risk for EUR/USD is shifting to the upside. That said, the pair has to break major solid resistance at 0.9935 first before sustained advance is likely EUR/USD break 0.9935 odds remain intact as long as it does not move below 0.9780 (“strong support” level) in the coming days Looking ahead, the next resistance above 0.9935 is at 1.0000.”
Source: Fx Street
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