Bulls may try to surpass 1.1180 – UOB Group

The Euro (EUR) is likely to trade in a higher range of 1.1110/1.1180. Solid momentum indicates further EUR strength; it remains to be seen if the 2023 high of 1.1275 is within reach, UOB Group FX analysts Quek Ser Leang and Lee Sue Ann notes.

The closest resistance is at 1.1180

24-HOUR VIEW: “EUR dipped briefly to 1.1099 in NY trading before soaring to 1.1173. EUR closed at 1.1150 (+0.18%). Today, EUR could rise above 1.1173, but any advance is viewed as part of a higher range of 1.1110/1.1180. In other words, EUR is unlikely to break clearly below 1.1110 or above 1.1180.”

1-3 WEEKS VIEW: “Yesterday, EUR broke above last December’s peak of 1.1140 (high of 1.1173) before closing at a 13-month high of 1.1150 (+0.18%). While solid upward momentum indicates further EUR strength, it remains to be seen whether the 2023 high of 1.1275 is within reach in the next couple of weeks. Overall, we will hold a positive EUR view provided that the ‘strong support’ level at 1.1045 is not breached.”