EUR/USD: Upside could test the 1.1410 level – UOB

Pablo Piovano FXStreet

In opinion of FX Strategists at UOB Group, the upside bias in EUR/USD could reach the 1.1410 level in the next weeks.

Key Quotes

24-hour view: “EUR traded sideways between 1.1301 and 1.1359 yesterday, narrower than our expected range of 1.1260/1.1380. Further sideway-trading appears likely, expected to be within a range of 1.1290/1.1370.”

Next 1-3 weeks: “Our update from yesterday (01 Dec, spot at 1.1335) still stands. As highlighted, EUR is likely to trade with an upward bias towards 1.1410. At this stage, a sustained rise above this level is unlikely. On the downside, a breach of 1.1240 (‘strong support’ level was at 1.1220 yesterday) would indicate that EUR is not ready to head towards 1.1410.”

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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