EUR/USD expects a gradual advance to 1.1000 – UOB

UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang note EUR/USD could have embarked on a gradual move to the 1.1000 area.

Key Quotes

24-hour view: “EUR edged to a high of 1.0923 yesterday before closing at 1.0915 (+0.28%). Upward momentum has improved a tad and EUR is likely to continue to edge higher, possibly above 1.0950. The next resistance at 1.1000 is unlikely to come under threat today. Support is at 1.0900, followed by 1.0880."

Next 1-3 weeks: “While upward momentum has not improved much, EUR appears poised to head higher toward 1.1000. In view of the current lackluster momentum, any advance is likely to be slow and grinding. The current mild upward pressure is intact as long as EUR stays above 1.0840.”