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- EUR/USD: Door open to extra gains – UOB
EUR/USD: Door open to extra gains – UOB
FXStreet reports that in the opinion of FX Strategists at UOB Group, EUR/USD could re-test the 1.1945 level in the next weeks.
Next 1-3 weeks: “We noted yesterday that EUR ‘is in a corrective rebound’. We highlighted that ‘in view of the nascent build-up in momentum, any EUR strength is likely limited to 1.1870 for now’. While our expectation for a stronger EUR is correct, the pace of advance has been more rapid than expected (EUR rose to 1.1877 during NY hours). In other words, the rebound in EUR could extend further. The next major resistance is at 1.1945. Overall, EUR is expected to trade with a positive bias as long as it does not move below 1.1770 (‘strong support’ level has moved higher from yesterday’s level of 1.1745). On a shorter-term note, 1.1820 is already quite a strong level.”
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