- Analytics
- News and Tools
- Market News
- EUR/USD: Bulls push to test 1.0960 – UOB Group
EUR/USD: Bulls push to test 1.0960 – UOB Group
The Euro (EUR) is expected to edge higher; the 1.0960 level is expected to offer strong resistance. But EUR has to surpass 1.1010 before further advance to 1.1070 can be expected, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann note.
EUR may test in the near term
24-HOUR VIEW: “Yesterday, we indicated that ‘the current price action is likely part of a consolidation phase,’ and we expected EUR to trade between 1.0895 and 1.0960. Our view of consolidation was correct, even though EUR traded in a much narrower range than expected (1.0905/1.0936), closing largely unchanged at 1.0921 (-0.08%). Despite the quiet price action, upward momentum seems to be building, albeit tentatively. Today, we expect EUR to edge higher. However, the 1.0960 level is expected to offer strong resistance. Support is at 1.0915, followed by 1.0900.”
1-3 WEEKS VIEW: “Our update from two days ago (06 Aug, spot at 1.0955) still stands. As highlighted, ‘while the outlook for EUR is still positive, it has to surpass 1.1010 before further advance to 1.1070 can be expected.’ On the downside, should EUR breach the ‘strong support’ at 1.0875 (level previously at 1.0855), it would mean that EUR is not ready to move above 1.1010.”
© 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
