EUR/USD could now challenge the 1.1050 region - UOB – by pabspiovano EURUSD Currencies Majors Banks
once it clears 1.1050, according to Economist Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group.24-hour view: Yesterday, we expected EUR to break above 1.1010. However, we noted that “overbought conditions suggest the next resistance at 1.1050 is likely out of reach.” While EUR broke above 1.1010, it did not threaten 1.1050. EUR rose to 1.1026, dropped to 1.0975 and then rebounded to end the day little changed at 1.1006 .
Next 1-3 weeks: Our update from yesterday still stands. As highlighted, upward momentum remains strong, and if EUR breaks above 1.1050, the next level to aim for is the year-to-date high of 1.1095. In order to maintain the buildup in momentum, EUR must not break below 1.0930 . Information on these pages contains forward-looking statements that involve risks and uncertainties.
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