Leading FX analysts from UOB Group, Quek Ser Leang and Lee Sue Ann, suggest that the Euro (EUR) has the potential to make significant gains in the near future.
EUR Surges Above 1.0950, Eyes on 1.1000
24-HOUR VIEW: After a recent dip, the EUR bounced back in New York trading, surpassing key resistance levels and closing at 1.0908, up by 1.08%. While further gains are possible, breaking last month’s high near 1.0950 may prove challenging. Another hurdle lies at 1.0930, with support at 1.0860 and 1.0885.
1-3 WEEKS VIEW: Despite a negative outlook previously, the EUR has shown signs of strength, surpassing the 1.0850 resistance level. With downward momentum fading and upward momentum building, there is potential for the EUR to continue its upward trajectory. A clear break above 1.0950 could set the stage for a rapid rise towards 1.1000, maintaining a positive outlook as long as it stays above 1.0820.
Analysis:
The Euro (EUR) has shown resilience in recent trading sessions, with the potential to reach the 1.1000 mark in the coming days. Traders should keep an eye on key resistance levels at 1.0950 and 1.0930, while maintaining support at 1.0860 and 1.0885. With upward momentum gaining strength and downward pressure easing, the EUR could see further gains ahead.