In opinion of FX Strategists at UOB Group, the perspective on EUR/USD remains positive while above the 1.0500 handle.
“EUR exceeded the major resistance indicated at 1.0650/70 yesterday to hit a high of 1.0684 but the up-move was short-lived”.
“Despite the pull-back from the high, the outlook for EUR is still positive but at this stage, it is unclear if it can continue to move higher in a sustained manner (even though technically the next significant resistance is at the 1.0872 high seen in early December)”.
“In view of the recent choppy price actions, it may be more prudent to approach this pair from a shorter-term perspective and be nimble and quick with entry and exit”.
“We deem the short-term outlook as ‘positive’ and expect the 1.0500 support to hold, at least for the next few days”.
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