UOB Group’s Economist Lee Sue Ann and Markets Strategist Quek Ser Leang suggest the next level to watch for24-hour view: Our view that EUR would trade in a range last Friday was incorrect, as it lifted off in NY trade and surged to a high of 1.0973. The strong surge appears to be overdone, but with no signs of weakness just yet, the EUR strength is likely to extend. In view of the overbought conditions, June’s high near 1.1010 is unlikely to come under threat today.
Next 1-3 weeks: We have held a negative view in EUR since late last month. After EUR dropped to 1.0832 and rebounded, we highlighted last Friday that “if EUR breaks above 1.0925, it would suggest that 1.0805 is not coming into view.” In NY trade, EUR not only broke above 1.0925, but it also soared by 0.73% , its biggest 1-day gain in three weeks. The rapid increase in momentum is likely to lead to further advance in EUR. The level to watch is June’s high near 1.1010, followed by 1.1050.
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