EUR/USD: Can rise further to 1.0600 before a pause – UOB Group
The Euro (EUR) could rise further to 1.0600 before a pause can be expected; 1.0650 is highly unlikely to come into view today. In the longer run, downward has faded, and upward momentum is building. EUR could rebound further, potentially reaching 1.0650, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
EUR can rebound even further, potentially reaching 1.0650
24-HOUR VIEW: “Following EUR’s wide swings on Tuesday, we indicated yesterday that it ‘is likely to trade in a relatively broad range, probably between 1.0435 and 1.0535.’ However, EUR blew above 1.0535 and soared to a high of 1.0587. Although the rapid surge seems overdone, there is no indication of momentum loss just yet. EUR could continue to rise to 1.0600 before a pause can be expected. The major resistance at 1.0650 is highly unlikely to come into view today. Support is at 1.0545; a breach of 1.0520 would mean that EUR is not rising further.”
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