EUR/USD keeps targeting the 1.1830 area – UOB

FX Strategists at UOB Group noted EUR/USD could attempt a move to the 1.1830 zone in the next weeks.

Key Quotes

24-hour view: “EUR traded between 1.1715 and 1.1769 yesterday, narrower than our expected range of 1.1690/1.1765. The underlying tone has firmed a tad and this could lead to a slow grind higher towards 1.1780. For today, a clear break of the next resistance at 1.1805 is unlikely. Support is at 1.1725 followed by 1.1700.”

Next 1-3 weeks: “There is not much to add to our latest update from Wednesday (30 Sep, spot at 1.1740). As highlighted, the movement in EUR is viewed as part of a consolidation phase but improved shorter-term momentum suggests that EUR is likely to probe the top of the expected consolidation range of 1.1630/1.1830 first. Since then, momentum has not improved by much and the prospect for a sustained rise above 1.1830 is still not high.”