Euro (EUR) rise above 1.0825 vs US Dollar (USD), but it remains to be seen if it can maintain a foothold above this level. EUR could reach 1.0825; it is uncertain for now if it can reach the next technical target at 1.0945 during this phase of rally, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
Above 1.0825, EUR can also target 1.0945
24-HOUR VIEW: "The next key resistance at 1.0945 is unlikely to come into view. We highlighted yesterday, that 'strong upward momentum shows no signs of slowing.' We added, 'it is unclear if there is enough momentum for EUR to break above the next resistance level at 1.0665 today.' The manner with which EUR subsequently took off and streaked to a high of 1.0796 was unexpected. While EUR could rise above 1.0825 today, it remains to be seen if it can maintain a foothold above this level. The next key resistance lies significantly higher at 1.0945, which is unlikely to come into view today. On the downside, support levels at 1.0745 and 1.0700."
1-3 WEEKS VIEW: "When EUR was at 1.0625 yesterday, 05 Mar, we highlighted that 'the impulsive rally suggests EUR is likely to break 1.0665, and the next technical target lies at 1.0730.' Little did we know, EUR would skyrocket and surge above both levels so quickly, as it reached a high of 1.0796. Note that EUR gained an astounding 4.00% over the past three days, the biggest 3-day rise in almost a decade. From here, the next two key technical targets to monitor are 1.0825 and 1.0945. The former appears to be within reach, but it is uncertain for now if EUR can reach 1.0945 during this phase of rally. The ‘strong support’ level has moved higher to 1.0640 from 1.0480 yesterday."
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