Scope for Euro (EUR) to proceed to rise; the key resistance at 1.1535 might be out of attain for now. Within the longer run, EUR may proceed to rise to 1.1535; it’s too early to inform if there may be sufficient momentum for it to achieve 1.1575, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
EUR/USD is about to proceed to rise
24-HOUR VIEW: “We didn’t anticipate EUR to soar to 1.1499 (we had been anticipating range-trading). Whereas the speedy rise seems to be extreme, there may be scope for EUR to proceed to rise. That mentioned, the key resistance at 1.1535 might be out of attain for now. On the draw back, a breach of 1.1465 (minor assist is at 1.1485) would imply that the present upward stress is easing.”
1-3 WEEKS VIEW: “Our most up-to-date narrative was from Monday (09 Jun, spot at 1.1405), during which EUR ‘seems to have entered a spread buying and selling section, possible between 1.1330 and 1.1495.’ Yesterday, EUR soared to a excessive of 1.1499 earlier than closing 0.56% greater at 1.1487. Given the speedy buildup in upward momentum, EUR may proceed to rise in the direction of 1.1535. Right now, it’s too early to inform if there may be sufficient momentum for EUR to achieve final month’s excessive, close to 1.1575. To maintain the momentum buildup, EUR should stay above 1.1425.”
