Around 1.0645, EUR/USD Sees Strong Resistance — UOB
Forex Market(FX) Strategists of the UOB Group Quek Ser Leang and Peter Chia said that in the coming weeks, the EUR/USD should find significant support around 1.0645 points.
Important Quotes
24-hour View: On last Friday, the EUR Currency is increased to 1.0593 range, prior to the easing off and closed at 1.0560 (-0.25%). The underlying tone has improved, and the EUR is expected to test last week's high at 1.0605 today. We do not expect a sustained increase over this level for the time being. The next level of resistance is 1.0645. A violation of 1.0530 (minor support is at 1.0550) on the downside would signal that the present slight upward pressure has faded."
In the Next 1-3 Weeks: On last Thursday (May 19th), the EUR currency is increased to a high of 1.0607 points. The increase appears to be part of a corrective comeback with room to grow. Any rise, however, is likely to run into strong resistance at 1.0645. As long as EUR does not go below 1.0500 ('strong support' level), the rebound phase is considered intact."
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