EUR/USD: Uptrend remains intact – UOB Group

FXStreet Insights Team FXStreet

The current price movements are likely part of a range trading phase, probably between 1.0740 and 1.0840. In the longer run, uptrend remains intact, but it is unclear for now if EUR can reach 1.0945 vs US Dollar (USD), UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

EUR may not reach 1.0945 near term

24-HOUR VIEW: "After the remarkable rally in EUR two days ago, we highlighted yesterday that 'while EUR could rise above 1.0825 today, it remains to be seen if it can maintain a foothold above this level.' We added, 'the next key resistance lies significantly higher at 1.0945, which is unlikely to come into view today.' During the NY session, EUR rose to 1.0853, pulling back quickly to close largely unchanged at 1.0783 (-0.06%). The current price movements are likely part of a range trading phase, probably between 1.0740 and 1.0840."

1-3 WEEKS VIEW: "Yesterday (06 Mar, spot at 1.0795), we reiterated our bullish view, indicating that 'the next two key technical targets to monitor are 1.0825 and 1.0945.' We also indicated that 'the former appears to be within reach, but it is uncertain for now if EUR can reach 1.0945 during this phase of rally.' EUR subsequently rose to 1.0853 before closing at 1.0783 (-0.06%). While the uptrend remains intact, at this stage, it is unclear for now if EUR can reach 1.0945. Overall, only a breach of 1.0640 (no change in ‘strong support’ level) would suggest that the rally over the past few days is taking a pause."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

EUR/USD trims intraday gains, stays flat around 1.1630

EUR/USD struggles to find direction and trades in a narrow channel on Monday. Investors refrain from taking large positions ahead of this week's critical Fed policy meeting, allowing the pair to stay in a consolidation phase following two consecutive weeks of bullish action. US Dollar gains ground as risk aversion kicks in.

GBP/USD edges lower toward 1.3300 as markets turn cautious

GBP/USD corrects lower toward 1.3300 on Monday after posting gains in the previous week. The markets adopt a cautious stance ahead of the highly-anticipated Fed meeting, making it difficult for the pair to gather bullish momentum.

Gold remains seases below $4,200 as markets gear up for Fed

Gold turned south after Wall Street's opening, trading south of $4,200. The US Dollar finds additional legs on a souring mood on Monday as market participants prepare for the upcoming Fed meeting, which will provide key insights into the short-term policy outlook.

Bitcoin and Ethereum aim for breakouts as Ripple holds at $2

Bitcoin, Ethereum, and Ripple record a minor recovery on Monday, starting the week on a positive note. The retail demand for major cryptocurrencies remains strong despite outflows from Bitcoin and Ethereum Exchange Traded Funds.

The Silver disconnection is real

Silver just hit a new all-time high. Neither did gold, nor mining stocks. They all reversed on an intraday basis, but silver’s move to new highs makes it still bullish overall, while the almost complete reversals in gold and miners make the latter technically bearish.