EUR/USD: Upside momentum alleviated below 1.0940 – UOB – by pabspiovano EURUSD Currencies Majors Banks
Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group suggest further gains in24-hour view: “We expected EUR to ‘advance further’ last Friday but we were of the view that ‘the next significant resistance at 1.1120 is likely out of reach for today’. We noted, there was a minor resistance at 1.1080. However, EUR only eked out a fresh high of 1.1075 and then tumbled to end the day lower by -0.40% .
Next 1-3 weeks: “Last Friday , we highlighted that EUR ‘is likely to continue to head higher’ and ‘the next level to aim for is 1.1120, followed by 1.1160’. We did not expect the sharp pullback to 1.0971. While upward momentum is beginning to fade, only a breach 1.0940 would indicate that EUR is not strengthening further.”Information on these pages contains forward-looking statements that involve risks and uncertainties.
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