EUR/USD could advance to the 1.1070 area – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group do not ruled out EUR/USD testing the 1.1070 region in the next weeks.

Key Quotes

24-hour view: “EUR cracked the strong resistance level at 1.1000 yesterday before retreating sharply from 1.1017. The rapid pull-back amid overbought conditions suggests a short-term top could be in place. However, the current price action is viewed as part of a broad consolidation phase and not the start of a reversal. In other words, EUR is expected to trade sideways for today, likely between 1.0920 and 1.1000.”

Next 1-3 weeks: “EUR surged above the top of our expected 1.0725/1.0940 range last Thursday and extended its gain to 1.1017 on Friday (01 May). The rapid rise appears to have room to test the 1.1070. That said, overbought short-term conditions suggest EUR could consolidate for a few days first. Overall, EUR is expected to trade with an upside bias unless it moves below 1.0870.”

Author

Pablo Piovano

FXStreet

Born and bred in Argentina, Pablo has been carrying on with his passion for FX markets and trading since his first college years.

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