EUR/USD: Unlikely to be able to break clearly above 1.1790 – UOB Group

Slight increase in momentum could lead to Euro (EUR) edging higher, but it is unlikely to be able to break clearly above 1.1790. In the longer run, EUR could rise but any advance is likely part of a higher range of 1.1650/1.1790, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.

Any advance is likely part of a higher range of 1.1650/1.1790

24-HOUR VIEW: "Our view for EUR to 'consolidate between 1.1680 and 1.1740' yesterday was incorrect. Instead of consolidating, EUR rose to a high of 1.1765. Despite the advance, upward momentum has only increased slightly. Today, EUR could edge higher, but based on the current momentum, it is unlikely to be able to break clearly above 1.1790. Support is at 1.1745, and if EUR breaks below 1.1725, it would indicate that the current upward pressure has eased."

1-3 WEEKS VIEW: "We continue to hold the same view as yesterday (08 Sep, spot at 1.1715). As highlighted, EUR 'could rise but any advance is likely part of a higher range of 1.1650/1.1790.' Looking ahead, if EUR breaks and holds above 1.1790, it could potentially trigger a rise toward the significant resistance level of 1.1830."