UOB: EUR/USD may challenge 1.0785 in the short term

UOB Group economist Lee Sue Ann and market strategist Quek Ser Leang believe further upside could push EUR/USD to challenge the 1.0785 level in the coming weeks.

Over the next 1-3 weeks, as we have highlighted, EUR/USD’s easy break of 1.0735 suggests that it could attack another strong resistance at 1.0785. As long as EUR/USD remains above the strong support at 1.0650, its upside risks remain intact.

Looking ahead, a break above 1.0785 will shift the focus to 1.0900.