EUR/USD scope for a test of 1.0820 – UOB

FX Strategists at UOB Group sees the pair’s upside could extend to the 1.0820 area in the next 1-3 weeks.

Key Quotes

“In line with expectation, EUR extended its rebound but struggled to move clearly above the strong 1.0700/05 resistance (high of 1.0709 last Friday). However, the strong daily closing suggests that further up-move would not be surprising”.

“The undertone for EUR has improved considerably and from here, further upward grind towards 1.0765 seems likely. A move above this level would shift the focus towards 1.0820. Overall, only a move below 1.0640 would indicate that the immediate upward pressure has eased”.