EUR/USD: Rising bets for a surpass of 0.9900 – UOB
|The likelihood of EUR/USD breaking above the 0.9900 mark remains on the rise, according to UOB Group’s Markets Strategist Quek Ser Leang and Senior FX Strategist Peter Chia.
Key Quotes
24-hour view: “The strong surge in EUR to a high of 0.9852 came as a surprise (we were expecting range-trading). The rapid rise has gained considerable momentum and further EUR strength appears likely. That said, in view of the overbought conditions, a sustained rise above 0.9900 is unlikely. Support is at 0.9815, followed by 0.9780.”
Next 1-3 weeks: “Our latest narrative was last Friday (14 Oct, spot at 0.9775) where EUR is likely to trade within a broad consolidation range of 0.9630/0.9900. Yesterday (17 Oct), EUR soared to a high of 0.9852 before closing on a strong note at 0.9838 (+1.22%). Upward momentum is beginning to build and the risk of a break above the top of the expected range at 0.9900 is increasing. The chance of a clear break above 0.9900 will continue to increase as long as EUR does not move below 0.9730 (‘strong support’ level) within the next few days. Looking ahead, a clear break of 0.9900 will shift the focus to 0.9950, a critical resistance level.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.