Currency strategists at the UOB Group point out that EUR/USD could extend to 1.1520 once the 1.1485 level is broken.
Key comments
24 hour view: “Last Friday, EUR/USD tested resistance at 1.1485 (high 1.1483) before pulling back to close little changed (1.1446, +0.07%). Starting to decline, a break of this level looks unlikely. For today, EUR/USD is more likely to consolidate and move into a range of 1.1410/1.1475.”
Next 1-3 weeks: “While the strong rise in EUR/USD in the last week seems to be running ahead of itself, the recovery is not showing any signs of easing yet. Short-term overbought conditions could lead to a couple of days of consolidation. first, but as long as 1.1360 (‘strong support’) is not broken, the rally could extend further. That being said, EUR/USD has to break major resistance at 1.1485 before a move to 1.1520 can be expected.”
Source: Fx Street
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
