Euro (EUR) Poised to Break Above 1.1200 Level, UOB Group Analysts Say
In a recent analysis by UOB Group FX strategists Quek Ser Leang, it has been suggested that the Euro (EUR) may soon edge above the key level of 1.1200. While reaching 1.1225 may be a stretch in the short term, there is growing momentum that could push the EUR to 1.1275 in the longer term.
Bulls in the market are currently testing the 1.1200 level, with the possibility of breaking through in the near future. The 24-hour view suggests that EUR is consolidating within a range of 1.1140 to 1.1190, showing signs of upward momentum. While resistance at 1.1225 may be challenging to reach, support levels are holding steady at 1.1165 and 1.1145.
Looking ahead to the next 1-3 weeks, the analysis remains bullish on EUR’s potential to reach 1.1275. The boost in momentum seen last Friday has strengthened this outlook, with a key support level at 1.1105 acting as a crucial barrier to any downside risks.
In summary, the Euro (EUR) is on a positive trajectory, with the potential to break above 1.1200 and reach 1.1275 in the longer term. Traders and investors should keep a close eye on key resistance and support levels to assess the currency’s performance in the coming weeks.
Analysis:
- Euro (EUR) may edge above 1.1200 in the short term, with resistance at 1.1225
- Boost in momentum suggests EUR could reach 1.1275 in the longer term
- Support levels at 1.1165 and 1.1145 provide downside protection for EUR
- Key support level at 1.1105 crucial for maintaining bullish outlook
Overall, this analysis indicates potential opportunities for traders and investors to capitalize on the upward momentum of the Euro (EUR) against other currencies. Keeping a close watch on key levels and market developments can help individuals make informed decisions to optimize their financial outcomes.