Euro (EUR) is expected to continue to rise; the major resistance at 1.1805 is likely out of reach for now. In the longer run, increase in momentum suggest the likelihood of EUR reaching 1.1805 is rising, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.

Major resistance at 1.1805 is likely out of reach

24-HOUR VIEW: “Our view for EUR to consolidate yesterday was incorrect, as it rose sharply, reaching a high of 1.1756. There has been a sharp increase in upward momentum, and we expect EUR to continue to rise today. However, the major resistance at 1.1805 is likely out of reach for now. Note that there is another resistance level at 1.1780. Support levels are at 1.1735 and 1.1715.”

1-3 WEEKS VIEW: “Our most recent narrative was from two days ago (21 Jan, spot at 1.1680), in which we stated that ‘the risk for EUR remains on the upside, but the probability of it breaking above 1.1805 is not high for now’. Yesterday, EUR soared and reached a high of 1.1756 before closing on a strong note at 1.1754, up by 0.62%. The increase in upward momentum suggests that the likelihood of EUR reaching 1.1805 is rising and will continue to build as long as the ‘strong support’ at 1.1675 (level previously 1.1625) remains intact.”

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