EUR/USD now looks to a test of 1.1415 – UOB

FX Strategists at UOB Group noted EUR/USD could edge higher and revisit the 1.1415 level in the next weeks.

Key Quotes

24-hour view: “Despite gaining +0.40% (NY close of 1.1368) last Friday, upward momentum has not improved by all that much. That said, there is room for EUR to advance to 1.1390 before the current upward pressure should ease. The major resistance at 1.1415 is unlikely to come under threat. Support is at 1.1355 followed by 1.1335.”

Next 1-3 weeks: “EUR traded mostly sideways for the past couple of weeks before rising to a 1-month high of 1.1386 last Friday. Upward momentum is beginning to build and EUR is likely to trade with an upward bias towards 1.1415. At this stage, the prospect for a sustained rise above 1.1415 is not high. On the downside, a breach of the ‘strong support’ at 1.1310 would indicate that the current upward pressure has eased.”