Top financial analysts at UOB Group predict that the Euro (EUR) will see an uptrend in the near future, with the 1.0960 level posing a strong resistance. However, in order to continue its upward trajectory towards 1.1070, EUR must first surpass the key level of 1.1010. Quek Ser Leang and Lee Sue Ann provide insights on the potential movement of EUR in the coming days.
EUR Showing Signs of Momentum
24-HOUR VIEW: After a period of consolidation, EUR is expected to experience a slight increase in value. While trading within a narrow range of 1.0905 to 1.0936, EUR closed at 1.0921 (-0.08%). Despite the lack of significant movement, there are indications of upward momentum building up. Today, EUR is likely to move higher, although it may face strong resistance at the 1.0960 level. Support levels are identified at 1.0915 and 1.0900.
1-3 WEEKS VIEW: The positive outlook for EUR remains intact, but a breakthrough above 1.1010 is crucial for a further advance towards 1.1070. Failure to surpass the strong support level at 1.0875 could indicate a temporary halt in EUR’s upward movement.
Analysis and Implications for Investors
For investors and traders, understanding the potential movements of the Euro against other currencies is essential for making informed decisions. The analysis provided by UOB Group’s experts offers valuable insights into the short-term and medium-term outlook for EUR. By paying attention to key resistance and support levels, investors can better anticipate market trends and adjust their strategies accordingly.