EUR/USD: SET TO BREAK ABOVE 1.0850 – UOB GROUP
Risk appears to be tilted to the upside; it remains to be seen if it can break clearly above 1.0850. Risk of the Euro (EUR) breaking above 1.0850 has increased, albeit moderately, UOB Group FX analysts Quek Ser Leang and Peter Chia note.
A break above 1.0850 is highly likely
24-HOUR VIEW: “EUR traded between 1.0809 and 1.0830 yesterday, narrower than our expected range of 1.0800/1.0840. Despite the relatively quiet price action, upward momentum appears to be building, albeit tentatively. The risk for today appears to be tilted to the upside, but it remains to be seen if EUR can break clearly above the major resistance at 1.0850. However, if there is a clear break of 1.0850, EUR could continue to rise. That said, the next major resistance at 1.0915 is unlikely to come into view for now. On the downside, support levels are at 1.0815 and 1.0800.”
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