EUR/USD door open for a test of 1.0825/30 – UOB

FX Strategists at UOB Group believes there is room for EUR/USD to retest the 1.0830 region in the next weeks.

Key Quotes

“After two days of rather sharp decline, the sudden swing higher was unexpected”.

“The immediate pressure has shifted to the upside and the current EUR strength appears incomplete. The recovery appears to have room to extend higher towards the year-to-date high at 1.0825/30 but at this stage, a clear break above this level seems unlikely”.

“Support is at 1.0670 but only a move back below 1.0630 would indicate that the immediate upward pressure has eased”.