EUR/USD STILL TARGETS 1.1850 NEAR TERM – UOB
According to FX Strategists at UOB Group, there is still room for the pair to test the mid-1.1800s in the short-term horizon. Key Quotes 24-hour view: “ EUR briefly touched a 3-1/2 month high of 1.1815 before surrendering most of its gain to end the day largely unchanged (NY close of 1.1746, -0.03%). Indicators are mostly at ‘neutral’ levels and EUR is expected to trade sideways for today, likely between 1.1715 and 1.1795”. Next 1-3 weeks: “As highlighted, the recent strength in EUR has scope to extend towards the next resistance at 1.1850. EUR briefly touched a high of 1.1815 during NY hours yesterday and despite the relatively rapid and sharp pullback from the top, the positive underlying tone remains intact. However, short-term indicators are unwinding from overbought conditions and this could lead to a couple of days of consolidation first. As long as the ‘key support’ at 1.1690 is intact (level remains unchanged as previously), we continue...
