EUR/USD: Likely to continue rising towards 1.1575 – UOB Group

FXStreet Insights Team FXStreet

Scope for Euro (EUR) to continue to rise; the major resistance at 1.1535 is probably out of reach for now. In the longer run, EUR could continue to rise to 1.1535; it is too early to tell if there is enough momentum for it to reach 1.1575, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR/USD is set to continue to rise

24-HOUR VIEW: "We did not expect EUR to soar to 1.1499 (we were expecting range-trading). While the rapid rise appears to be excessive, there is scope for EUR to continue to rise. That said, the major resistance at 1.1535 is probably out of reach for now. On the downside, a breach of 1.1465 (minor support is at 1.1485) would mean that the current upward pressure is easing."

1-3 WEEKS VIEW: "Our most recent narrative was from Monday (09 Jun, spot at 1.1405), in which EUR 'appears to have entered a range trading phase, likely between 1.1330 and 1.1495.' Yesterday, EUR soared to a high of 1.1499 before closing 0.56% higher at 1.1487. Given the rapid buildup in upward momentum, EUR could continue to rise towards 1.1535. At this time, it is too early to tell if there is enough momentum for EUR to reach last month’s high, near 1.1575. To sustain the momentum buildup, EUR must remain above 1.1425."

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FXStreet Insights Team

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