EUR/USD: Set to rise above 1.1200 – UOB Group
Chance for the Euro (EUR) to rise above 1.1200. There does not appear to be enough momentum for it to reach 1.1230 today. In the longer run, firm short-term momentum suggests EUR could rise towards 1.1230, UOB Group FX strategists Quek Ser Leang and Peter Chia note.
EUR can rise towards 1.1230
24-HOUR VIEW: “After EUR fell sharply two days ago, we indicated that ‘the sharp drop appears to be a tad overdone, but barring a breach of 1.1150, there is room for EUR to test the 1.1080 level’. Our view was incorrect, as EUR rebounded strongly to 1.1180. Today, there is a chance for EUR to rise above 1.1200, but there does not appear to be enough momentum for it to reach 1.1230. Support is at 1.1165, a breach of 1.1145 would mean that the current upward pressure has faded.”
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