EUR/USD: Still scope for a move to 1.0850 – UOB – by pabspiovano EURUSD Currencies Majors Banks
to revisit the 1.0850 region in the near term according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.24-hour view: We expected EUR to consolidate in a range of 1.0735/1.0800 yesterday. However, it rose to a high of 1.0823 and then eased off to close at 1.0791 . Upward momentum has improved, albeit just a tad. Today, there is a chance for EUR to retest the 1.0825 level before a more sustained pullback is likely. The major resistance at 1.0850 is likely out of reach.
Next 1-3 weeks: Our most recent narrative was from last Friday wherein upward momentum is building tentatively but “it is not clear for now if EUR has enough momentum to rise to 1.0850”. Yesterday , EUR rose to 1.0823 and then eased off. After the advance, upward momentum has improved, but not much. However, the odds of EUR rising to 1.0850 have increased. Overall, only a breach of 1.0730 would suggest EUR is not ready to head higher to 1.0850.
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