EUR/USD: Set to retest the 1.0435 level – UOB Group
Scope for Euro (EUR) to retest the 1.0435 level; a clear break above this level seems unlikely. In the longer run, bias for EUR is tilted to the upside; any advance is likely part of a higher trading range of 1.0300/1.0465, UOB Group’s FX analysts Quek Ser Leang and Lee Sue Ann note.
EUR is unlikely to break clearly above 1.0465
24-HOUR VIEW: “In a sudden move yesterday, EUR surged to 1.0436, pulling back quickly to close at 1.0390 (+0.80%). Although the sharp and swift rise appears to be running ahead of itself, there is scope for EUR to retest the 1.0435 level before a more sustained pullback can be expected. A clear break above 1.0435 seems unlikely. On the downside, a breach of 1.0330 (minor support is at 1.0355) would suggest that EUR is more likely to trade in a range instead of retesting the 1.0435 level.”
1-3 WEEKS VIEW: “EUR rebounded sharply yesterday, closing higher by 0.80% at 1.0390. The price action has resulted in an increase in momentum, but it is not enough to indicate the start of a sustained advance. That said, the near-term bias is tilted to the upside, even though any advance is likely part of a higher trading range of 1.0300/1.0465. In other words, EUR is unlikely to break clearly above 1.0465.”
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