The Euro (EUR) is anticipated to strengthen further, with potential to surpass last week’s peak near 1.1010. However, analysts from UOB Group, Quek Ser Leang and Lee Sue Ann, suggest that the next resistance level at 1.1050 may be out of reach for now, with 1.1070 being the subsequent target.
24-Hour View: Following a slight increase in momentum detected yesterday, the EUR advanced more than expected, rising by 0.56% to a New York close of 1.0992. Although the currency could breach the recent high of 1.1010, current overbought conditions imply that reaching 1.1050 might be challenging. To sustain its upward trajectory, EUR must remain above 1.0955, with minor support at 1.0975.
1-3 Weeks View: Last week’s shift to a positive outlook for EUR was confirmed as it surged to 1.1008 before retreating. Analysts had indicated that surpassing 1.1010 was crucial for further gains towards 1.1070. Despite recent sideways trading, EUR did not fall below the strong support level at 1.0875. Instead, it surged to a high of 1.0999, renewing upward momentum. A break above 1.1010 appears likely, with the next resistance to watch at 1.1070. A positive EUR outlook remains as long as it stays above 1.0925, previously identified as strong support.
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