Expert Analysis: Euro (EUR) poised to retest key resistance level of 1.1010, with potential for further gains to 1.1070. UOB Group FX strategists Quek Ser Leang and Lee Sue Ann provide insights on the positive outlook for EUR, highlighting the importance of breaching 1.1010 for sustained upward momentum.
EUR Outlook: Breaking Down the Numbers
24-HOUR VIEW: EUR exceeded expectations by reaching a high of 1.1008, closing at 1.0952 (+0.40%). Despite overbought conditions, a retest of the 1.1010 level is likely if EUR holds above 1.0910. Minor support at 1.0930 could also provide a cushion for any pullbacks.
1-3 WEEKS VIEW: Following a recent shift to a positive stance on EUR, the currency surged above 1.1000 before encountering resistance at 1.1010. As long as EUR remains above 1.0855, the bullish outlook remains intact. Breaking through 1.1010 is crucial for further gains towards 1.1070.