- Analytics
- News and Tools
- Market News
- EUR/USD: Risk of EUR breaking above 1.0850 increases – UOB Group
EUR/USD: Risk of EUR breaking above 1.0850 increases – UOB Group
The Euro (EUR) is expected to trade in a 1.0795/1.0845 range. Risk of EUR breaking above 1.0850 has increased, albeit moderately, UOB Group analysts note.
EUR is set to break above 1.0850
24-HOUR VIEW: “After EUR edged higher last Friday, we noted yesterday that ‘upward momentum has not increased much further.’ We indicated that “instead of pulling back, EUR is more likely to trade in a range between 1.0800 and1.0845.” Our view was not wrong, as EUR traded between 1.0800 and 1.0845, closing at 1.0822 (-0.13%). Momentum indicators are turning flat, and we continue to expect EUR to trade in a range today, expected to be between 1.0795 and 1.0845.”
1-3 WEEKS VIEW: “Last Thursday (04 Jul, spot at 1.0785), we indicated that ‘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.’ After EUR rose, we indicated yesterday (08 Jul, spot at 1.0825) that ‘the risk of EUR breaking above 1.0850 has increased, albeit moderately.’ We continue to hold the same view. Overall, only a breach of 1.0770 (no change in ‘strong support’ level from yesterday) would indicate that the current upward pressure has faded. Looking ahead, the next level to watch above 1.0850 is 1.0915.”
© 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
