According to currency strategists at UOB Group, the EUR / USD could still visit the 1.1800 level In the next weeks.
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24 hour view: “We highlighted yesterday that ‘the momentum to the upside has improved a bit and while the bias continues to the upside, a breakout of the major resistance at 1.1800 seems unlikely.’ Our view was not wrong as EUR / USD rose to 1.1779 earlier. momentum is starting to wane and the risk of EUR / USD moving to 1.1800 is slim. The current move is seen as part of a consolidation phase and EUR / USD is expected to move sideways , probably within a range of 1.1735 / 1.1775. “
Next 1-3 weeks: “Our Tuesday (Aug 24, EUR / USD at 1.1745) narrative still stands. As he highlighted, ‘the EUR / USD rally has room to extend to 1.1800’. We add: ‘Right now, the odds of a Sustained advance above 1.1800 is not high. ‘EUR / USD rose to 1.1779 yesterday (Aug 26) before reversing. Short-term upside momentum is starting to wane, but only a breakout of 1.1705 (no change in the ‘strong support’ level) would indicate that 1.1800 is out of reach. “
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