EUR/USD: Trades North towards 1.0915 – UOB Group
|The Euro (EUR) is expected to trade in a range, likely between 1.0875 and 1.0915. Upward momentum is slowing; it remains to be seen if EUR can rise further to 1.0940, UOB Group FX strategists Quek Ser Leang and Lee Sue Ann note.
Next resistance above 1.0915 is at 1.0940
24-HOUR VIEW: “Yesterday, we expected EUR to trade in a range between 1.0855 and 1.0905. Our expectations were incorrect, as it rose to 1.0922 before pulling back to close at 1.0894 (-0.11%). The advance did not result in any clear increase in momentum. Today, we continue to expect EUR to trade in a range, probably between 1.0875 and 1.0915.”
1-3 WEEKS VIEW: “We highlighted last Friday (12 Jul, spot at 1.0865) that EUR ‘is expected to continue to rise.’ We also highlighted that ‘severely overbought conditions suggest it might take a couple of days before 1.0915 comes into view.’ Yesterday, EUR broke above 1.0915, reaching a high of 1.0922. EUR pulled back from the high, closing at 1.0894 (-0.11%). While there is still scope for EUR to rise further, upward momentum is slowing, and it remains to be seen if any further advance can reach 1.0940. On the downside, a breach of 1.0850 (‘strong support’ level previously at 1.0825) would mean that the EUR strength from early this month has run its course.”
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