EUR/USD still neutral, could test 1.1930 near term – UOB

In opinion of FX Strategists at UOB Group, the pair’s stance remains neutral with the possibility of testing 1.1930 in the next weeks.

Key Quotes

24-hour view: “Our expectation for range trading was wrong as EUR surged to hit a high of 1.1825. The rapid advance appears incomplete and further EUR strength seems likely from here. That said, 1.1865 is a rather strong resistance and this level is unlikely to yield so easily (minor resistance is at 1.1835). Support is at 1.1780 followed by 1.1750. The latter level is expected to be strong enough to hold any intraday pullback”.

Next 1-3 weeks: “While we highlighted yesterday that the “risk of a sustained down-move has eased”, the rapid and sharp rise that easily took out 1.1780 came a surprise. The immediate pressure has shifted to the upside and the current recovery has scope to extend further towards 1.1930. At this stage, a sustained move above this level seems unlikely. Overall, EUR is expected to stay underpinned in the coming days unless there is a move back below 1.1720 (key short-term support). On a shorter-term note, 1.1750 is already a rather strong support”.

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Feed news

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Forex News

Editors’ Picks

EUR/USD tops 1.12 amid risk-on mood, ahead of data

EUR/USD is trading around 1.12, the highest since March. The safe-haven dollar is weakening amid optimism for reopening and stimulus, shrugging off civil unrest. EZ Services PMIs beat estimates. ADP's jobs report is eyed.


GBP/USD retraces gains under 1.2600, Brexit, US data eyed

GBP/USD consolidates the latest gains just around 1.26 amid dollar weakness. The Brexit impasse continues despite hopes for mutual concessions. Markit's Final Services PMI beat expectations with 29 points, still reflecting deep contraction.


Crypto market stays strong despite yesterday's sell-off

Once the storm has passed, the real effects are zero at the technical analysis level. The impact on sentiment has been great and returns the market to a neutral level. The market is still in a phase of accumulation, according to a well-known quantitative analyst.

Read more

WTI: Aims to fill the early-March gap above $41.00

WTI eases from a three-month high of $37.17 at the end of the four-day winning streak. The energy benchmark paid a little heed to the price-positive weekly inventory data from the American Petroleum Institute (API).

Oil News

Gold: Prints rounding top on 4-hour chart above $1,700

Gold stays mildly offered after stepping back from $1,745. Considering the bullion’s moderate pullback since the week’s start, a potential rounding top bearish formation appears on the 4-hour chart. An ascending trend line from April 21 is on the bears’ radars.

Gold News