The Euro (EUR) is projected to trade within a sideways range of 1.0985 to 1.1045, according to UOB Group FX analysts Quek Ser Leang and Lee Sue Ann. Recent upward momentum suggests that the next significant resistance level to watch is 1.1070.
The immediate support level is positioned at 1.1000.
24-Hour View: Analysts had previously noted that the EUR might surpass last week’s high of 1.1010, although they deemed the next resistance level at 1.1050 as unlikely to be reached. The EUR indeed rose to 1.1047 before pulling back slightly to close at 1.1012, marking a 0.18% increase. Given the overbought conditions, the Euro is expected to trade within the range of 1.0985 to 1.1045 today.
1-3 Weeks View: Following a notable surge in the EUR two days ago, analysts reiterated that upward momentum remains strong. Despite a recent rise to 1.1047 and a closing level of 1.1012 (+0.18%), the outlook for the Euro remains positive with the next target set at 1.1070. A significant shift in sentiment would only occur if the EUR drops below 1.0955, with 1.0925 previously identified as strong support. Should the EUR surpass 1.1070, the next resistance level is projected at 1.1100.
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