According to UOB Group’s Economist Lee Sue Ann and Market Strategist Quek Ser Leang, sustained features are in all likelihood as soon as EUR/USD clears the 1.0900 hurdle.
Key Quotes
24-hour view: “We cited the day before today that EUR may want to upward jab above 1.0870 however the probabilities of it staying above this stage these days are now not high. Our expectation did now not pretty materialize as it edged to a excessive of 1.0871 earlier than easing off to cease the day unchanged at 1.0843. The consolidative charge motion suggests EUR is probably to change sideways. Expected vary for today, 1.0810/1.0870.”
Next 1-3 weeks: “Our most latest narrative from Monday (27 Mar, spot at 1.0775) is nonetheless valid. As highlighted, EUR seems to have entered a consolidation section and it is in all likelihood to exchange between 1.0660 and 1.0870 for the time being. Note that EUR edged to a high of 1.0871 the day prior to this earlier than easing. While non permanent upward momentum has accelerated a tad, EUR has to spoil and remain above 1.0900 earlier than a sustained boost is likely. The prospect of EUR breaking surely above 1.0900 is low for now, however it would stay intact as lengthy as EUR stays above the ‘strong support’ stage of 1.0770 in the subsequent few days.”
