There’s a likelihood for Euro (EUR) to rise above 1.1775 towards US Greenback (USD); the key resistance at 1.1795 is probably going out of attain for now. Within the longer run, worth motion signifies additional EUR energy, probably towards 1.1795, UOB Group’s FX analysts Quek Ser Leang and Peter Chia be aware.
Value motion signifies additional EUR energy
24-HOUR VIEW: “After EUR rose to a excessive of 1.1788 final Thursday after which pulled again, we indicated on Friday that EUR ‘might pull again additional, however any decline is probably going a part of a decrease vary of 1.1715/1.1775.’ EUR then traded between 1.1702 and 1.1761, a decrease vary than we anticipated. EUR closed at 1.1740 (-0.12%) however traded larger on the open at this time. Upward momentum has elevated barely, and there’s a likelihood for EUR to rise above 1.1775. The foremost resistance at 1.1795 is probably going out of attain for now. Assist ranges are at 1.1735 and 1.1720.”
1-3 WEEKS VIEW: “Now we have held a optimistic EUR view since early final week. In our newest narrative from final Wednesday (23 Jul, spot at 1.1740), we highlighted that the latest worth motion ‘signifies additional EUR energy, probably towards 1.1795.’ Since then, EUR has not been capable of make a lot headway on the upside. That mentioned, we are going to keep our view so long as 1.1690 (no change in ‘robust assist’ stage) will not be breached.”
