EUR/USD: Uptrend remains intact – UOB Group
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The current price movements are likely part of a range trading phase, probably between 1.0740 and 1.0840. In the longer run, uptrend remains intact, but it is unclear for now if EUR can reach 1.0945 vs US Dollar (USD), UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
EUR may not reach 1.0945 near term
24-HOUR VIEW: "After the remarkable rally in EUR two days ago, we highlighted yesterday that 'while EUR could rise above 1.0825 today, it remains to be seen if it can maintain a foothold above this level.' We added, 'the next key resistance lies significantly higher at 1.0945, which is unlikely to come into view today.' During the NY session, EUR rose to 1.0853, pulling back quickly to close largely unchanged at 1.0783 (-0.06%). The current price movements are likely part of a range trading phase, probably between 1.0740 and 1.0840."
1-3 WEEKS VIEW: "Yesterday (06 Mar, spot at 1.0795), we reiterated our bullish view, indicating that 'the next two key technical targets to monitor are 1.0825 and 1.0945.' We also indicated that 'the former appears to be within reach, but it is uncertain for now if EUR can reach 1.0945 during this phase of rally.' EUR subsequently rose to 1.0853 before closing at 1.0783 (-0.06%). While the uptrend remains intact, at this stage, it is unclear for now if EUR can reach 1.0945. Overall, only a breach of 1.0640 (no change in ‘strong support’ level) would suggest that the rally over the past few days is taking a pause."
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