Euro Strengthens Against Dollar with Potential to Reach 2023 High
The Euro (EUR) is showing signs of strength, with analysts predicting a trading range of 1.1110 to 1.1180. Momentum is solid, indicating further EUR appreciation, and the possibility of reaching the 2023 high of 1.1275, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann.
In the short term, resistance is seen at 1.1180, with EUR expected to trade within a higher range of 1.1110 to 1.1180. While there may be potential for EUR to surpass 1.1173, any upward movement is likely to be limited within the specified range.
Looking ahead to the next 1-3 weeks, EUR has broken above last December’s peak and closed at a 13-month high of 1.1150. Strong momentum suggests further EUR strength, with the possibility of reaching 1.1275 in the coming weeks. A positive outlook on EUR is maintained as long as the support level of 1.1045 remains intact.
In summary, the Euro is on an upward trajectory against the Dollar, with the potential to reach new highs in the near future. Investors should keep an eye on key resistance levels and support levels to gauge the currency’s performance and make informed decisions on their investments.