Leading FX strategists at UOB Group, Quek Ser Leang and Peter Chia, suggest that the Euro (EUR) is poised to trade within a range of 1.1085 and 1.1155. With solid momentum on its side, the EUR may see further strength in the near term, potentially pushing towards the 2023 high of 1.1275.
Potential Breakout Above 1.1155 for EUR/USD Pair
24-Hour View: Yesterday’s trading activity saw the EUR/USD pair moving within a lower range of 1.1095 to 1.1164 before closing at 1.1112, representing a slight decline. This range-bound phase is expected to continue, with the USD likely to trade between 1.1085 and 1.1155 today.
1-3 Weeks View: Despite the recent fluctuations, the overall outlook for the EUR remains positive, with strong momentum suggesting a potential uptrend. The key level to watch is the 2023 high of 1.1275, which may come into play in the coming weeks as long as the strong support level at 1.1045 holds firm.
Analysis and Implications for Investors
For investors and traders, the current forecast for the Euro (EUR) indicates a favorable environment for potential gains. With solid momentum and the possibility of a breakout above 1.1155, there is a chance for further upside in the EUR/USD pair. Keeping an eye on key support and resistance levels, such as 1.1045 and 1.1275, can help investors make informed decisions about their positions in the market.