EUR/USD could still move to 1.1945 – UOB
|FX Strategists at UOB Group noted the upside momentum in EUR/USD could extends the mid-1.1900s in the next weeks.
Key Quotes
24-hour view: “EUR dipped to 1.1865 last Friday before rebounding to close slightly lower at 1.1896 (-0.13%). The rebound has room to test the resistance at 1.1925 but the major resistance at 1.1945 is likely out of reach. Support is at 1.1880 followed by 1.1860.”
Next 1-3 weeks: “We have held a positive view in EUR since early last week. In our latest narrative from last Wednesday (07 Apr, spot at 1.1875), we highlighted that the ‘rebound in EUR could extend further’ and ‘the next major resistance is at 1.1945’. Since then, EUR has not been able to make much headway on the upside. Upward momentum has waned but there is still chance for EUR to move higher to 1.1945. Only a breach of 1.1830 (‘strong support’ level previously at 1.1770) would indicate that the upside risk has dissipated.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.