FX Strategists at UOB Group noted EUR/USD could advance to the area above the 1.1100 mark.
24-hourv view: “While we expected EUR to move higher yesterday, we held the view that ‘1.1000 is unlikely to come into the picture’. The subsequent EUR strength exceeded our expectation as it soared to an overnight high of 1.1058. From here, there is scope for EUR to extend its gains but for today, a move beyond 1.1150 would come as a surprise (minor resistance is at 1.1100). Support is at 1.1000 but only a breach of 1.0960 would indicate the current upward pressure has eased.”
Next 1-3 weeks: “The breach of our 1.0940 ‘strong resistance’ was not exactly unexpected but the manner by which EUR surged to a high of 1.1058 yesterday came as a surprise. After dropping sharply last week, the rapid upswing from Monday’s (23 Mar) low of 1.0635 has resulted in a mixed outlook. Near-term, the bias is tilted to the upside but for now, we view any advance in EUR as part of broad 1.0840/1.1200 range.”
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