EUR/USD now targets 1.1435 in the near term – UOB

FX Strategist at UOB Group now sees the pair could attempt a test of the 1.1430 region in the next 1-3 weeks.

Key Quotes

“After trading mostly sideways for several weeks, EUR got a tremendous boost from Draghi and rocketed above the major 1.1300 resistance to hit 1.1349”.

“The abrupt and strong rally appears to be running ahead of itself but there is scope for further up-move towards 1.1435. This solid resistance sits just below the weekly trend-line as well as being the high in June 2016”.

“Above this level, there is hardly any significant resistance until the 2016 high of 1.1614. In order to maintain the current impulsive momentum, any pullback should not move back below 1.1230. In view of the overbought short-term conditions, those looking to buy may like to wait for a dip to 1.1290/95 to initiate long”.