Euro: Upside bias toward 1.1725 against US Dollar – UOB
United Overseas Bank’s (UOB) Quek Ser Leang and Lee Sue Ann report EUR/USD broke out of its recent tight range, closing slightly higher near 1.1675 as tentative upside momentum emerges.
UOB's analysts Quek Ser Leang and Lee Sue Ann have noted that the Euro to US Dollar exchange rate has broken out of its recent tight range, closing slightly higher near 1.1675. They maintain a positive outlook for the short-term and medium-term, with upside potential up to 1.1725 and longer-term targets of 1.1800 and 1.1850, provided the Euro holds above key support levels.
Over the past two days, EUR traded between 1.1655 and 1.1687, closing modestly lower at 1.1662. Yesterday, the price action showed no new clues, and further range-trading was expected between 1.1650 and 1.1685. However, the initial expectation of range-trading proved incorrect as EUR experienced a dip to 1.1650, a rise to 1.1679 and settled at 1.1674.
The next resistance is expected to be at 1.1710, and support levels are at 1.1665 and 1.1655. The analysts have held a positive EUR view since early last week, and they believe there is potential for further upside toward 1.1725. They will continue to maintain this view as long as EUR holds above the 1.1640 level, which was identified as a strong support level yesterday.
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