There is a chance for Euro (EUR) to rise above 1.1775 against US Dollar (USD); the major resistance at 1.1795 is likely out of reach for now. In the longer run, price action indicates further EUR strength, likely toward 1.1795, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
Price action indicates further EUR strength
24-HOUR VIEW: “After EUR rose to a high of 1.1788 last Thursday and then pulled back, we indicated on Friday that EUR ‘could pull back further, but any decline is likely part of a lower range of 1.1715/1.1775.’ EUR then traded between 1.1702 and 1.1761, a lower range than we expected. EUR closed at 1.1740 (-0.12%) but traded higher on the open today. Upward momentum has increased slightly, and there is a chance for EUR to rise above 1.1775. The major resistance at 1.1795 is likely out of reach for now. Support levels are at 1.1735 and 1.1720.”
1-3 WEEKS VIEW: “We have held a positive EUR view since early last week. In our latest narrative from last Wednesday (23 Jul, spot at 1.1740), we highlighted that the recent price action ‘indicates further EUR strength, likely toward 1.1795.’ Since then, EUR has not been able to make much headway on the upside. That said, we will maintain our view as long as 1.1690 (no change in ‘strong support’ level) is not breached.”
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