According to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann, the Euro (EUR) is expected to trade within a sideways range of 1.0985 to 1.1045, with upward momentum on the rise. The next key level to watch is at 1.1070.
Immediate Support at 1.1000
24-HOUR VIEW: Yesterday’s forecast of EUR moving higher and potentially breaking above 1.1010 was accurate, with the currency reaching 1.1047 before retracing to close at 1.1012 (+0.18%). However, overbought conditions suggest that further upward movement may be limited. Today, EUR is likely to trade within a range of 1.0985 to 1.1045.
1-3 WEEKS VIEW: Following a recent surge in EUR, analysts remain positive on the currency’s outlook, with the next target at 1.1070. Only a breach of 1.0955 would indicate a reversal in EUR strength. Looking ahead, the next resistance level above 1.1070 is at 1.1100.
Analysis:
For investors and traders, the Euro’s upward momentum presents potential trading opportunities within the specified range of 1.0985 to 1.1045. Monitoring key support and resistance levels, such as 1.1000 and 1.1070, can help guide decision-making in the market. It is essential to remain vigilant for any signs of a potential trend reversal, particularly if EUR breaches the support level of 1.0955. By staying informed and analyzing market trends, individuals can make informed decisions to optimize their financial portfolios and capitalize on potential gains in the foreign exchange market.