EURUSD: Next target on the upside is 1.0400 – UOB

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Economist Lee Sue Ann and market strategist Quek Ser Leang of UOB Group see next upside barrier for EURUSD at 1.0400 In the next weeks.

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24 hour view: “EURUSD rose to a high of 1.0364 in the New York session last Friday before closing at 1.0352 (+1.41%). The strong and rapid recovery appears to be over and EURUSD is unlikely to advance further. For today, the pair is more likely to trade between 1.0265 and 1.0365.”

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Next 1 to 3 weeks: “EURUSD took off last week and gained a whopping 3.94%, its biggest one-week gain since March 2020. Upside momentum is strong and EURUSD is likely to continue to advance. That said, short-term overbought conditions term could lead to 1-2 days of consolidation first. Next level to watch is 1.0400. Only a break of 1.0200 (“strong support” level) would indicate that the solid upside momentum has given way.”

Source: Fx Street

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