Euro: Upside bias held above strong support against US Dollar – UOB

FXStreet Insights Team FXStreet

United Overseas Bank’s (UOB) Quek Ser Leang reports EUR/USD holding near 1.1440 with a firmer underlying tone. The pair is expected to trade slightly higher in a 1.1425–1.1470 range intraday. Over the next 1–3 weeks, the bias remains tilted to the upside as long as Euro stays above strong support at 1.1390, with resistance at 1.1470 and 1.1500.

Firmer tone within defined ranges

"24-HOUR VIEW: Following last Friday’s price action, we highlighted yesterday that “momentum indicators are mostly flat,” and expected EUR to “rangetrade between 1.1415 and 1.1455.” EUR subsequently dipped to 1.1408, rose to 1.1444 before closing largely unchanged at 1.1440 (+0.04%). We continue to expect range-trading, but the firmer underlying tone suggests EUR is likely to trade in a higher range of 1.1425/1.1470."

"1-3 WEEKS VIEW: We revised our EUR view to mildly positive last Friday (03 Jul, spot at 1.1430). We highlighted that “the bias for EUR is tilted to the upside,” but we stated that “expect firm resistance at 1.1470 and 1.1500.” We will maintain this view as long as EUR holds above 1.1390 (‘strong support’ level previously at 1.1370)."

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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.

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