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.”

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