Forex strategists at UOB Group noted that the outlook for EUR/USD they are positive as long as the pair is above 1.1760 in the coming weeks.
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24-hour perspective: “We highlighted yesterday that while the momentum to the upside had slowed, there was scope for the EUR to rise further. And we added that the main resistance at 1.1835 was still out of reach. While our view on the strengthening of the euro was not erroneously, the EUR rose to 1.1847 before rapidly falling to close slightly higher for the day (1.1807, + 0.10%). The upward pressure has eased and the current move is seen as part of a consolidation phase. other words, it is EUR likely to trade sideways today, expected to be within a range of 1.1785 / 1.1835.”
Next 1-3 weeks: “We have maintained a positive view for the euro since last Tuesday (Aug 24, even at 1.1745). In our last narration on Monday (Aug 30, cross at 1.1795), we indicated that the upside momentum had improved and we saw room for current strength to extend to 1.1835. The euro broke above 1.1835 yesterday (Aug 31) to rise to 1.1847 before retreating. Short-term bullish momentum appears to have lessened somewhat, but Current positive outlook is considered intact as long as the EUR does not move below 1.1760 (previously strong support level at 1.1735). To look at it another way, as long as the strong support level is not broken, the EUR could advance further. The next level to focus on is 1.1865. “
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