EUR/USD: Extra gains expected above 1.1020 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group noted the outlook on EUR/USD remains tilted to the positive side for the time being.

Key Quote

24-hour view: “The sudden strong surge in EUR that sent it soaring to an overnight high of 1.0995 came as a surprise. While upward momentum remains strong, overbought conditions suggest the rapid advance is likely to take a breather for now. In other words, EUR is expected to consolidate and trade between 1.0940 and 1.1000.”

Next 1-3 weeks: “EUR continues to trade in a choppy manner as it surged and recouped most of last week’s decline (1.0980, +0.54%). The advance is quickly approaching the top our expected 1.0800/1.1000 range (overnight high of 1.0995) and upward momentum has ticked up. While the bias is tilted to the upside, EUR has to close above 1.1020 before a more sustained advance can be expected. In the meanwhile, the outlook for EUR is deemed as mildly positive as long as it does move below 1.0900 within these few days.”

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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