Currency strategists at UOB Group now suggest that EUR/USD could advance to 1.1190 once 1.1140 is broken.
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24 hour view: “EUR/USD’s sharp rise to a high of 1.1136 and subsequent strong close at 1.1085 (+0.97%) came as a surprise (we were expecting a sideways move). The rapid rise seems to get ahead of itself and the EUR is unlikely to /USD to strengthen much more. For today, EUR/USD is more likely to consolidate at these higher levels. Expected to move between 1.1050 and 1.1140.”
Next 1-3 weeks: “We highlighted on Monday (March 28, EUR/USD at 1.0980) that downward momentum is starting to build, but EUR/USD ‘has to close below 1.0950 before a sustained decline is likely’ EUR/USD subsequently dipped to a low of 1.0943, but did not close below 1.0950 Yesterday (March 29), EUR/USD rose to a high of 1.1136 before closing in a strong tone at 1.1085 (+ 0.97%).The risk has shifted to the upside and a clear break of 1.1140 could lead to a strengthening of the EUR/USD to 1.1190.The risk to the upside is intact as long as the EUR/USD does not move below the level of ‘strong support’, currently at 1.1000, in these few days”.
Source: Fx Street
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