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- EUR/USD could now attempt a move to 1.0695 – UOB
EUR/USD could now attempt a move to 1.0695 – UOB
FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang suggested EUR/USD could now extend the recovery to the 1.0695 level.
Key Quotes
24-hour view: “We did not expect the strong surge in EUR during NY session that sent it to a high of 1.0630. The strong advance has room to extend but in view of the overbought conditions, a sustained rise above 1.0665 is unlikely (minor resistance is at 1.0640). Support is at 1.0590 followed by 1.0570.”
Next 1-3 weeks: “Yesterday (04 May, spot at 1.0520), we highlighted that a breach of 1.0610 would suggest that 1.0470 is a short-term bottom. EUR subsequently blew past 1.0610 as it surged to a high of 1.0630 during NY session. While it is premature to expect a major reversal, the current short-term EUR strength could extend to 1.0695. At this stage, the odds for a break of this level are not high. On the downside, ‘strong support’ is at 1.0520. The 1.0470 level is unlikely to come into the picture, at least for several days, possibly up to a couple of weeks.”
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