The Euro (EUR) is expected to continue its upward trend against the US Dollar (USD), with UOB Group FX strategists forecasting a target of 1.1225 in the short term. However, the key resistance level at 1.1275 may not be reached today.
Short-Term Outlook
In the next 24 hours, EUR is likely to trade around the 1.1225 level, following a strong performance that saw it close at 1.1190 on Friday. While the currency is overbought, the upward momentum indicates further strength, with support levels at 1.1165 and 1.1145.
Medium-Term Projection
Looking ahead 1-3 weeks, the Euro’s positive momentum could see it reach the 2023 high of 1.1275, as evidenced by its recent surge to 1.1200. As long as the strong support level at 1.1105 holds, the outlook remains bullish.
Analysis and Implications
For investors and traders, a strengthening Euro against the US Dollar could present opportunities for profitable trades and investments. The projected target of 1.1275 is a key level to watch, as a breach could signal further gains for the Euro. It is important to monitor the support levels mentioned to gauge the currency’s strength in the near term.
