EUR/USD now faces resistance at 1.0400 – UOB

Pablo Piovano FXStreet

FX Strategists at UOB Group Lee Sue Ann and Quek Ser Leang suggest further upside could lift EUR/USD to the 1.0400 hurdle.

Key Quotes

24-hour view: “EUR lifted off during NY session and rocketed to 1.0368 before coming back down to close at 1.0297 (+0.84%). The strong surge appears to be overdone and EUR is unlikely to advance further. For today, EUR is more likely to trade sideways between 1.0260 and 1.0350.”

Next 1-3 weeks: “After trading within a 1.0100/1.0300 range for a few weeks, EUR lifted off and cracked 1.0300 during NY session (high has been 1.0368). Further EUR strength appears likely even though overbought shorter-term conditions suggest a slower pace of advance. The next resistance level of note is at 1.0400. On the downside, a break of 1.0230 (‘strong support’ level) would indicate that the current rapid build-up in upward momentum has fizzled out.”

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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