EUR/USD still targets 1.0870/75 – UOB

Pablo Piovano FXStreet

EUR/USD stays poised for a test of the 1.0870/75 band in the next 1-3 weeks, suggested FX Strategists at UOB Group.

Key Quotes

“Instead of pushing higher as expected, EUR traded mostly sideways. The recent upward pressure has eased and EUR has likely moved into a consolidation phase and is expected to trade sideways from here, likely between 1.0755 and 1.0810”.

“EUR traded within a tight range yesterday and closed on a weak note. While upward pressure is waning, another attempt to move towards 1.0870/75 (last November’s high) could not be ruled out just yet even though the odds for such a move are not high. On the downside, EUR has to move clearly below 1.0735 to indicate that a short-term top in place and for the start of a pull-back towards 1.0680”.

1. R3 1.0841
2. R2 1.0824
3. R1 1.0803
PP 1.0786
1. S1 1.0765
2. S2 1.0748
3. S3 1.0727

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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