There’s a likelihood for EUR to check 1.1685; a sustained rise above this stage seems unlikely. Within the longer run, Euro (EUR) is more likely to commerce with an upward bias; it’s unclear for now if it may well attain 1.1720, UOB Group’s FX analysts Quek Ser Leang and Peter Chia observe.
Unclear for now if EUR/USD can attain 1.1720
24-HOUR VIEW: “EUR dipped to a low of 1.1525 two days in the past earlier than recovering. Within the early Asian commerce yesterday, we famous that ‘the restoration has resulted in a slight improve in upward momentum.’ We anticipated EUR to ‘edge greater,’ however we had been of the view that ‘any advance is probably going restricted to a check of 1.1605.’ Nevertheless, as an alternative of edging greater and testing 1.1605, EUR soared and broke above this stage, reaching a excessive of 1.1668. The advance seems extreme however there isn’t any indication of a slowdown simply but. Right this moment, there’s a likelihood for EUR to check 1.1685. A sustained break above this stage seems unlikely. Help is at 1.1635; a breach of 1.1615 would point out that EUR just isn’t advancing additional.”
1-3 WEEKS VIEW: “We’ve got anticipated EUR to commerce in a spread since early this week. Yesterday (06 Aug, spot at 1.1575), we identified that ‘whereas we proceed to count on EUR to commerce in a spread, given the subdued value motion over the previous few days, a narrower vary of 1.1480/1.1660 is probably going enough to comprise the worth actions for now.’ EUR subsequently rose barely above the highest of our anticipated vary, reaching a excessive of 1.1668. The rise in momentum suggests EUR is more likely to commerce with an upward bias for now. At the moment, it’s unclear whether or not if it may well attain 1.1720. To maintain the momentum, EUR should maintain above the ‘robust help’ stage, presently at 1.1560.”
