The conditions are deeply overcomproed; Any additional advance is likely to be part of a higher range of 1,1530/1,1640. In the long term, the EUR is likely to continue going up; The levels to be monitored are 1,1640 and 1,1700, the FX analysts of UOB Group, to be Leang and Peter Chia point.
EUR is likely to continue going up
24 -hour vision: “While we indicate yesterday that ‘there is room for the EUR to continue rising’, we consider that ‘the main resistance in 1,1535 is probably out of reach.’ However, the EUR took off and shot at a maximum of 1,1631 before closing at 1,1583 (+0.84%), its highest level since November 2021. The conditions are deeply overcompronted, and although the EUR can rise above 1,1631, any additional advance is likely to be part of a higher range of 1,1530/1,1640. “
Vision at 1-3 weeks: “After the EUR shot and closed 0.56% higher in 1,1487 two days ago, we indicated yesterday (June 12, for 1,1495) that ‘given the rapid accumulation of bullish impulse, the EUR could continue to rise to 1,1535.’ However, we point out that ‘it is too early to say if there is enough impulse for EUR to reach the maximum of last month, about 1,1575.’ Subsequently, the EUR not only broke above both levels, but also shot at a maximum of 1,1631. I would indicate that the immediate bullish pressure has decreased. “
Source: Fx Street
I am Joshua Winder, a senior-level journalist and editor at World Stock Market. I specialize in covering news related to the stock market and economic trends. With more than 8 years of experience in this field, I have become an expert in financial reporting.
