UOB analysts Quek Ser Leang and Lee Sue Ann highlight a sharp EUR/USD rebound from 1.1446 to 1.1563, with scope for further gains toward 1.1595 while 1.1620 is seen as strong resistance. Over the coming one to three weeks, they see a tentative build-up in upward momentum but frames any advance as part of a 1.1490–1.1620 range, despite longer-term notes of potential downside toward 1.1390.
Euro holds gains but faces resistance
“EUR dipped to 1.1446 and then in a sudden move, surged to a high of 1.1563 in the late NY session. The sharp and rapid rise appears excessive, but EUR could continue to rise to 1.1595. “
“Downward momentum has dissipated, and there has been a tentative build-up in upward momentum.”
“From here, EUR could rise further but at this stage, we view any advance as part of a 1.1490/1.1620 range.”
“The major resistance at 1.1620 is not expected to come under threat.”
“To keep the momentum going, EUR must not break below 1.1520, with minor support at 1.1540.”
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