- Analytics
- News and Tools
- Market News
- EUR/USD: The moves towards 1.0850 – UOB Group
EUR/USD: The moves towards 1.0850 – UOB Group
The Euro (EUR) is likely to edge higher. It remains to be seen if it can reach the major resistance at 1.0850, UOB Group analysts Quek Ser Leang and Lee Sue Ann note.
The next level to monitor above 1.0850 is at 1.0900
24-HOUR VIEW: “EUR soared two days ago. Yesterday, we indicated that ‘the sharp and swift rally appears to be overdone.’ We added, ‘Instead of continuing to rise, EUR is more likely to trade in a sideways range of 1.0750/1.0815.’ EUR subsequently traded between 1.0782 and 1.0813, closing at 1.0810 (+0.22%). There has been a slight increase in upward momentum. While EUR is likely to edge higher today, it remains to be seen if it can reach the major resistance at 1.0850. Should EUR break below 1.0770 (minor support is at 1.0790), it would indicate that the current mild upward pressure has faded.”
1-3 WEEKS VIEW: “Our update from yesterday (04 Jul, spot at 1.0785) remains valid. As indicated, while the increase in momentum suggests further EUR strength, it is too early to determine if it can reach the major resistance at 1.0850. All in all, we will hold a slightly positive EUR view as long as it remains above the ‘strong support’ at 1.0745 (level was at 1.0730 yesterday). Looking ahead, the next level to monitor above 1.0850 is at 1.0900.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
