EUR/USD faces the next resistance at 1.1065 – UOB
|Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group note that further upside momentum in EUR/USD is now expected to meet the next hurdle around 1.1065.
Key Quotes
24-hour view: Yesterday, EUR rose to a 3-1/2-month high of 1.1017. The advance was short-lived, as EUR pulled back quickly and then traded sideways. Overbought conditions, combined with slowing momentum, suggest EUR is likely to continue to trade sideways. Expected range for today: 1.0945/1.1005.
Next 1-3 weeks: While EUR rose to a 3-1/2-month high of 1.1017 yesterday, upward momentum has not increased by much. The bias for EUR is on the upside, but it remains to be seen if it has enough momentum to break clearly above the major resistance at 1.1065. We will hold a positive EUR view as long as it stays above 1.0925.
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.