The Euro (EUR) may surpass the 1.1200 level in the short term, but it is unlikely to reach 1.1225, according to FX strategists Quek Ser Leang from UOB Group. In the longer term, however, a boost in momentum has raised the chances of the EUR reaching 1.1275.
Short-Term Outlook: In a recent analysis, the strategists noted that while the EUR appears to be in a consolidation phase, trading within a range of 1.1140 to 1.1190, upward momentum is gradually building. The EUR closed at 1.1184 yesterday, reflecting a modest gain of 0.21%. Although the currency might edge above 1.1200, the next resistance level at 1.1225 is likely out of reach. Support levels are identified at 1.1165 and 1.1145.
Longer-Term Outlook: Following a surge in the EUR last Friday, UOB’s strategists maintained their outlook that the momentum could push the currency towards 1.1275, provided the strong support level at 1.1105 remains intact.
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