EUR/USD still seen advancing beyond 1.1900 – UOB

According to FX Strategists at UOB Group, EUR/USD could still move higher and test 1.1915 ahead of 1.1945 in the next weeks.

Key Quotes

24-hour view: “We highlighted last Friday that EUR ‘could edge higher to 1.1915’. We added, ‘a break of the next resistance at 1.1945 would come as a surprise’. Our expectations did not materialize as EUR pulled back quickly after touching 1.1909. Upward pressure has eased and the current movement is viewed as part of a consolidation phase. In other words, EUR is likely to trade sideways for today, expected to be within a 1.1840/1.1.1895 range.”

Next 1-3 weeks: “Our update from last Friday (30 Jul, spot at 1.1890) still stands. As highlighted, EUR could continue to advance towards 1.1915, possibly 1.1945. On the downside, a break of 1.1825 (no change in ‘strong support’ level) would indicate that the current upward pressure has eased.”