EUR/USD could still visit the 1.1180 region – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, the upside momentum in EUR/USD could extend to the 1.1180 region.

Key Quotes

24-hour view: “EUR traded between 1.1072 and 1.1118 yesterday, lower than our expected sideway-trading range of 1.1080/1.1125. The relatively firm daily closing in NY (1.1110, +0.11%) has resulted in an uptick in momentum. From here, barring a move below the strong 1.1070 support (minor support is at 1.1090), EUR could edge higher towards 1.1130. The next resistance at 1.1160 is likely out of reach”.

Next 1-3 weeks: “EUR came close to taking out the 1.1070 ‘strong support’ level again yesterday but it rebounded after touching 1.1072 (note that EUR touched 1.1071 last Friday). As highlighted yesterday (29 Oct, spot at 1.1100), the prospect for further EUR strength has diminished but “there is still a slim chance for a move to 1.1180”. That said, in order to rejuvenate the flagging momentum, EUR has to move and stay above 1.1160 within these 1 to 2 days or a break of 1.1070 would suggest the positive phase in EUR that started earlier this month has run its course. Looking forward, a breach of 1.1070 would suggest EUR could trade sideways to slightly lower for a period”.

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

EUR/USD faces some resistance near 100-SMA on H4, around 1.1830 zone

The EUR/USD pair gains some follow-through positive traction for the second consecutive day and climbs to the 1.1830 region during the Asian session on Thursday. The US Dollar remains on the back foot amid concerns about the economic fallout from US President Donald Trump's erratic trade policies and acts as a tailwind for spot prices.

GBP/USD extends recovery to near 20-day EMA as US Dollar weakens

The Pound Sterling holds onto weekly gains around 1.3565 against the US Dollar during the Asian trading session on Thursday. The GBP/USD pair trades firmly as the US Dollar remains under pressure due to uncertainty surrounding the United States trade policy outlook.

Gold looks to build on strength beyond $5,200, eyes monthly peak amid safe-haven flows

Gold touches a fresh daily high heading into the European session on Thursday, with bulls looking to build on the momentum beyond the $5,200 mark. This marks the second straight day of a positive move and is supported by sustained safe-haven flows, bolstered by uncertainties surrounding US President Donald Trump's trade policies and US-Iran nuclear talks.

Stellar: Relief bounce fades as bearish undertone persists

Stellar is trading around $0.16 at the time of writing on Thursday after rebounding more than 8% in the previous day. Derivatives data paints a negative picture as XLM’s short bets hit a monthly high while Open Interest continues to decline.

Nvidia delivers another monster earnings report, and forecasts big things to come

It was another monster earnings report from Nvidia for fiscal Q4. Revenues were $68.1bn, smashing estimates of $65bn. Gross profit margin was a healthy 75%, up from 73.5% in the prior quarter, and the outlook for this quarter was monstrous.

Solana strikes key resistance with double-digit gains

Solana trades at $88 at press time on Thursday, after an 11% upswing the previous day within a broader consolidation range of roughly three weeks. Institutional demand for Solana heightens as US spot SOL Exchange Traded Funds record $30 million of inflow on Wednesday.