EUR/USD: Upward momentum continues towards resistance – UOB Group

EUR/USD is expected to continue its upward trajectory, closing at 1.1879. The report notes that while there is scope for further gains, the major resistance at 1.1920 is likely out of reach for now. The next support levels are identified at 1.1855 and 1.1830. UOB Group Senior Technical Strategist Quek Ser Leang and Economist Lee Sue Ann notes

EUR likely to rise further
“24-HOUR VIEW: EUR soared last Friday. Yesterday, we indicated that “while the sharp rally appears overstretched, there is a chance for EUR to test last year’s high, near 1.1920.” We noted that “the 1.1900 level is likely to provide resistance as well.” While EUR subsequently rose, it only reached a high of 1.1906. Today, there is scope for EUR to rise further, but 1.1920 is likely out of reach. On the downside, support levels are at 1.1855 and 1.1830.”