EUR/USD has been looking for a new direction ahead of critical events. Where next?
Here is their view, courtesy of eFXdata:
UOB Research discusses EUR/USD technical outlook and maintains a tactical bullish bias in the near-term.
“While it is too early to expect a sustained advance, EUR could test the strong 1.1125 resistance. At this stage, the probability of a sustained rise above this level is not high. Looking forward, a NY closing above 1.1125 would suggest EUR is ready to challenge last month’s peak near 1.1180,” UOB notes.
All in, EUR is expected to trade with a firm footing and only a break of 1.1020 (no change in ‘strong support’ level) would indicate that the current upward pressure has eased,” UOB adds.
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