EUR/USD scope for a test of 1.0800 – UOB

FX Strategist at UOB Group sees EUR/USD could attempt a test to the 1.0800 area in the next weeks.

Key Quotes

“The ease of which last week’s 1.0684 peak was taken out was unexpected as EUR surged to a high of 1.0718. While approaching overbought, the advance appears to have scope to extend further towards 1.0750”.

“As noted in recent updates, we expect EUR to remain supported in the short-term as long as 1.0500 is intact. Upward momentum has improved further with the move above last week’s peak of 1.0684 and from here, the current EUR strength could extend further towards 1.0800. The ‘key’ short-term support is at 1.0590 (from 1.0500) with 1.0640 acting as a minor support”.