EUR/USD still targets 1.10 and above – UOB
|FX Strategists at UOB Group expects the pair to advance above the critical 1.10 handle in the near term.
Key Quotes
“EUR traded in a range of 1.0850/1.0932 yesterday, lower than the expected consolidation range of 1.0860/1.0940. The daily closing is on the weak side but weak downward momentum suggests a slow drift lower towards the strong support at 1.0830 (next support at 1.0800). Resistance is at 1.0895 but only a break above 1.0930 would indicate that the current downward bias has eased”.
“While the relatively weak daily closing has dented the upward momentum, it is still early to expect a short-term top. As long as 1.0830 is intact, we continue to anticipate a break a move above 1.1000 even though we must admit that the odds for such a move have diminished”.
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.