UOB Group currency strategists Lee Sue Ann and Quek Ser Leang continue to see EUR/USD as likely to break above the 1.0300 barrier again In the next weeks.
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24 hour view: “Yesterday, we expected EUR/USD to ‘trade sideways into a 1.0135/1.0235 range’. During London hours, EUR/USD ranged wildly between 1.0152 and 1.0278 before ending the day at 1.0228 (+0.50%). Price volatility has led to a mixed picture. More choppy moves are not ruled out, though likely within a tighter range of 1.0170/1.0275.”
Next 1-3 weeks: “We continue to hold the same view as yesterday (July 21, EUR/USD at 1.0180). As we have highlighted, the bullish momentum has ebbed a bit, but there is still room for EUR/USD to rise to 1.0300. At this point, the possibility of a sustained rally above this level is not high To the downside, a break of 1.0135 (‘strong support’ level was yesterday at 1.0115) would indicate that the EUR/USD advance started earlier this week has come to an end.”
Source: Fx Street
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