Skip to main content

Around 1.0645, EUR/USD Sees Strong Resistance — UOB

 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."



Labels

Labels:
Location: CJ6M+RV Misato, Akita, Japan

Comments

Post a Comment

Popular posts from this blog

The ECB Will Increase Interest Rates Until Inflation Reaches Its 2 Percent Objective Again.

Christine Lagarde, president of the European Central Bank, made these comments in an interview with the Funke Mediengruppe, which was published on Friday. Until inflation returns to its 2 percent target, the ECB will boost interest rates. The rate increase is merely the most recent stage in our process of ending the special measures. As long as it takes to reduce inflation to our objective over the medium term, we will maintain raising rates. Depending on the information received, the governing council will evaluate the situation and choose the appropriate pace for our next measures. Robert Holzmann, an ECB hawk, has added the following remarks: ·       “Forecasts indicate that the economy would grow less rapidly, which has caused us to be rather cautious.” ·       " The state of the economy will be revealed in the autumn. We will then be able to determine if we want to add another 0.5 percent "r less." ·       “The ECB is anxious to avoid pu...
Post a Comment
Read more