Euro: Upside bias targets 1.1590 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang highlights that EUR/USD surged to 1.1585, leaving the Euro (EUR) with a firmer tone against the US Dollar (USD). Intraday, the pair could extend gains toward 1.1590, though 1.1610 is seen as strong resistance.
UOB's Quek Ser Leang notes that EUR/USD has risen to 1.1585, giving the Euro a stronger stance against the US Dollar. During the day, the pair may push toward 1.1590, while 1.1610 is considered strong resistance. In the coming weeks, EUR/USD is anticipated to exhibit an upside bias while staying above 1.1525, with 1.1610 being a critical milestone.
Initially expecting the Euro to remain within a range last Friday, UOB highlighted that the slightly firmer underlying trend indicates it is more likely to trade within a higher range of 1.1515/1.1550. EUR did dip to 1.1524, but it rebounded during the New York session, reaching a peak of 1.1585. The swift increase may be ahead of itself; however, provided 1.1545 (minor support at 1.1555) is not crossed, EUR could climb to 1.1590.
Current momentum suggests a sustained rise above this level is improbable. The major barrier at 1.1610 is unlikely to be breached.
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