Upward momentum continues towards resistance – UOB Group

EUR/USD is expected to continue its upward trajectory, closing at 1.1879. The report notes that while there is scope for further gains, the major resistance at 1.1920 is likely out of reach for now. The next support levels are identified at 1.1855 and 1.1830. UOB Group Senior Technical Strategist Quek Ser Leang and Economist Lee Sue Ann notes..

EUR likely to rise further

“24-HOUR VIEW: EUR soared last Friday. Yesterday, we indicated that “while the sharp rally appears overstretched, there is a chance for EUR to test last year’s high, near 1.1920.” We noted that “the 1.1900 level is likely to provide resistance as well.” While EUR subsequently rose, it only reached a high of 1.1906. Today, there is scope for EUR to rise further, but 1.1920 is likely out of reach. On the downside, support levels are at 1.1855 and 1.1830.”

“1-3 WEEKS VIEW We highlighted yesterday (26 Jan, spot at 1.1860) that EUR “is expected to continue to rise, and the next level to aim for is 1.1920.” We will continue to hold the same view as long as 1.1770 (‘strong support’ level was at 1.1755 yesterday) is not breached. Looking ahead, the next level to watch above 1.1920 is 1.1970.”

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)