EUR/USD: Next resistance at 1.0870 is unlikely to come under threat – UOB Group

FXStreet Insights Team FXStreet

Room for Euro (EUR) to rebound further vs US Dollar (USD) and test 1.0825; the next resistance at 1.0870 is unlikely to come under threat. In the longer run, if EUR breaks 1.0825, it would mean that it is likely to trade in a range instead of declining, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Above 1.0825, EUR/USD is likely to trade in a range

24-HOUR VIEW: "The following are the excerpts from our update yesterday: 'Downward momentum has increased, albeit not much. Provided that EUR holds below 1.0795, it could test 1.0725.' Our view was incorrect, as after dipping to 1.0731, EUR rebounded strongly to 1.0821 before closing higher by 0.46% at 1.0801. Despite the rapid rise, there has been no significant increase in upward momentum. However, there is room for EUR to rebound further and test the strong resistance at 1.0825. The next resistance at 1.0870 is unlikely to come under threat. On the downside, support levels are at 1.0780 and 1.0755."

1-3 WEEKS VIEW: "On Wednesday (26 Mar, spot at 1.0790), we highlighted that 'as long as EUR remains below 1.0860, EUR could pull back further toward 1.0725.' After EUR dropped to 1.0743, we highlighted yesterday (27 Mar, spot at 1.0750) that 'downward momentum has increased, and if EUR breaks below 1.0725, it could lead to a deeper decline to the next support at 1.0660.' We did not anticipate the strong rebound that reached 1.0821. From here, if EUR breaks above 1.0825 (no change in ‘strong resistance’ level), it would mean that it is likely to trade in a range instead of declining."

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