UOB-EUR/USD pair should clear 1.0800 points to permit additional gains.

UOB Group Strategists Lee Sue Ann and Quek Ser Leang noted above the 1.0800 level, the EUR/USD is expected to rise further.

June 03, 2022 - 01:01 PM 236 views

UOB-EUR/USD pair should clear 1.0800 points to permit additional gains.

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© UOB-EUR/USD pair should clear 1.0800 points to permit additional gains.

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UOB Group Strategists Lee Sue Ann and Quek Ser Leang noted above the 1.0800 level, the EUR/USD is expected to rise further.

Important Quotes

24-hour view: On the previous day, we held the opinion that there is scope for the EUR currency to fall below 1.0625 points. Our opinion turned out to be inappropriate as the EUR currency rose to 1.0750 points prior to the close on a strong note at 1.0745 points (+0.93%). The rapid increase will be accompanied by strong momentum, and the EUR currency will continue to rise. However, the major resistance level of 1.0800 is unlikely to be breached (there is another resistance at 1.0785). Only a break of 1.0705 (minor support is at 1.0725) would show that the recent surge in momentum has slowed."

In the Next 1-3 Weeks: On the previous day (2nd June 2022, spot at 1.0650), we turned out to be neutral but we were of the opinion that any weakness is anticipated to come across the solid support at 1.0580 points. We didn’t anticipate the rapid recovery that took our strong resistance level at 1.0730 (high of 1.0750 points). While the near-term upward momentum builds rapidly, the EUR currency Before the EUR is likely to climb further, it must break clearly above 1.0800. The chances of EUR breaking 1.0800 are very good, and they will get even better if EUR does not go below 1.0675 ('strong support' level) in the next several days. The next resistance level above 1.0800 is at 1.0850. "

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