FX Strategists at UOB Group noted EUR/USD could test 1.1635 if the 1.1600 barrier is cleared in the near-term.
Key Quotes
24-hour view: “Our expectation from yesterday was that EUR ‘is still strong and could advance towards 1.1570 but the odds for a break of 1.1600 today are not high’. Our view was not wrong as EUR touched an overnight of 1.1600 before easing off. From here, there is chance for EUR to edge above 1.1600 but as upward momentum is overstretched, a sustained advance above this level is unlikely (next resistance is at 1.1635). Support is at 1.1540 followed by 1.1510.”
Next 1-3 weeks: “In our update from yesterday (22 Jul, spot at 1.1530), we indicated that EUR ‘is still strong’ and that ‘the next level to focus on is at 1.1600’. EUR subsequently rose to a high of 1.1600 before easing off to close at 1.1568 (+0.36%). From here, a clear break of 1.1600 would not be surprising and would shift the focus to another major level at 1.1635. Overall, the current positive outlook is deemed as intact unless there is a breach of 1.1465 (‘strong support’ level was at 1.1425 yesterday).”
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