EUR/USD could climb towards the 1.1120 level – UOB – by pabspiovano EURUSD Currencies Majors Banks
UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang note the upward momentum is building in24-hour view: “We noted yesterday that ‘the underlying tone has firmed somewhat’ and we expected EUR to edge higher. However, we were of the view that ‘a clear break above 1.1025 appears unlikely’. The anticipated EUR strength exceeded our expectations as EUR soared to a high of 1.1050.
is neutral for the time being and EUR is likely to trade sideways in a range of 1.0900/1.1050’. We did not anticipate the swift and sharp rise to 1.1050. Upward momentum is building rapidly and EUR is likely to trade with an upward bias from here. However, it has to break and stay above the month-to-date high of 1.1075 before a move to the next major resistance at 1.1120 is likely. All in all, only a break of 1.0975 would indicate that the build-up in momentum has faded.
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