EUR/USD remains positive, now looks to 1.1190 – UOB
|FX Strategists at UOB Group now see EUR/USD advancing to the 1.1190 region in the next weeks.
Key Quotes
24-hour view: “We noted yesterday that ‘conditions remain overbought’ and we held the view that while EUR ‘could edge above 1.1145; it is unlikely to maintain a toe-hold above this level’. EUR subsequently rose to 1.1153 before easing off. The recent strong rally in EUR appears to be ready to ‘take a break’. In other words, EUR is expected to trade sideways for today, likely between 1.1095 and 1.1160.”
Next 1-3 weeks: “We highlighted last Friday (29 May, spot at 1.1075) that the ‘outlook for EUR is still positive’ and that it ‘could continue to advance towards 1.1145’. EUR rose to 1.1153 yesterday (01 Jun) and there is no change to the positive outlook for EUR. That said, overbought shorter-term conditions could lead to the rally in EUR taking a pause for a couple of days first before moving higher towards 1.1190 (next resistance is at 1.1235). On the downside, the ‘strong support’ level has moved higher to 1.1045 from yesterday’s level of 1.1020.”
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.