EUR/USD still constructive above 1.1010 – UOB

The FX Research team at UOB Group noted EUR/USD could still break above 1.1145 as long as 1.1010 holds.

Key Quotes

“EUR surged in late NY session last Friday, touching a high of 1.1143, just below the major 1.1145 resistance. However, the upward momentum is dented by the sharp down-move earlier this morning and a clear break above 1.1145 appears unlikely for now. That said, any further pull-back is expected to encounter solid support at 1.1045 ahead of the more significant level of 1.1010”.

“EUR touched a high of 1.1143 last Friday, just a couple of pips below our immediate target of 1.1145. Upward momentum has deteriorated with the weak opening early this morning but as long as 1.1010 is intact, another attempt to break clearly above 1.1145 cannot be ruled out just yet”.