The continuation of the upside momentum could encourage EUR/USD to revisit the 1.0850 region in the near term according to UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang.
24-hour view: We expected EUR to consolidate in a range of 1.0735/1.0800 yesterday. However, it rose to a high of 1.0823 and then eased off to close at 1.0791 (+0.32%). Upward momentum has improved, albeit just a tad. Today, there is a chance for EUR to retest the 1.0825 level before a more sustained pullback is likely. The major resistance at 1.0850 is likely out of reach. Support is at 1.0775; if EUR breaks below 1.0750, it suggests the current upward pressure has eased.
EURUSD BUY 1.0795 - 1.0785
✅𝖳𝖯1 1.0835
✅𝖳𝖯2 1.0875
🛑𝖲𝖫 1.0755
24-hour view: We expected EUR to consolidate in a range of 1.0735/1.0800 yesterday. However, it rose to a high of 1.0823 and then eased off to close at 1.0791 (+0.32%). Upward momentum has improved, albeit just a tad. Today, there is a chance for EUR to retest the 1.0825 level before a more sustained pullback is likely. The major resistance at 1.0850 is likely out of reach. Support is at 1.0775; if EUR breaks below 1.0750, it suggests the current upward pressure has eased.
EURUSD BUY 1.0795 - 1.0785
✅𝖳𝖯1 1.0835
✅𝖳𝖯2 1.0875
🛑𝖲𝖫 1.0755
