According to FX Strategists at UOB Group, a close above 1.1050 could spark a move to 1.11 and above. Key Quotes 24-hour view: “Against our expectation for “sideway-trading”, EUR extended its gain to 1.1062 before easing off to close at 1.1040. Upward momentum still appears to be over-stretched and further sustained EUR strength appears unlikely, at least for today. EUR is more likely to consolidate its gains and trade sideways, likely between 1.0990 and 1.1050″. Next 1-3 weeks: “While we expected EUR to “test the strong 1.1050 resistance” last Friday (11 Oct, spot at 1.1005), we held the view that “the strong resistance may not be easy to crack”. We added, “Looking ahead, if EUR were to register a NY closing above 1.1050, further gains towards last month’s top near 1.1110 would not be surprising”. EUR subsequently rose to 1.1062 before slipping to end the day at 1.1040. Shorter-term indicators are overbought and from here, we will ‘upgrade’ the current positive call for EUR further only if it can close above 1.1050. At this stage, the odds for such a scenario are slightly higher than even. On the downside, the ‘strong support’ has edged higher to 1.0970 from 1.0955. Only a breach of the ‘strong support’ would indicate that the current upward pressure has eased”. FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street FXStreet News share Read Next EUR Futures: door open for further upside FX Street 4 years According to FX Strategists at UOB Group, a close above 1.1050 could spark a move to 1.11 and above. Key Quotes 24-hour view: "Against our expectation for "sideway-trading", EUR extended its gain to 1.1062 before easing off to close at 1.1040. Upward momentum still appears to be over-stretched and further sustained EUR strength appears unlikely, at least for today. EUR is more likely to consolidate its gains and trade sideways, likely between 1.0990 and 1.1050". Next 1-3 weeks: "While we expected EUR to "test the strong 1.1050 resistance" last Friday (11 Oct, spot at 1.1005), we held the view that… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
