Created
: 2025.09.01
2025.09.01 20:50
Bias for Euro (EUR) is tilted to the upside; it does appear to have enough momentum to break above 1.1720. In the longer run, upward momentum is starting to build; the probability of EUR breaking above 1.1720 is increasing, UOB Group's FX analysts Quek Ser Leang and Peter Chia note.
24-HOUR VIEW: "After EUR rose more than we expected last Thursday, we indicated on Friday that 'while momentum continues to suggest upside potential in EUR, with negative divergence forming, any further advance may not reach the major resistance at 1.1720.' We noted that 'there is another resistance level at 1.1700.' We also pointed out that 'to keep the momentum going, EUR must hold above 1.1645, with minor support at 1.1660.' EUR subsequently dipped to 1.1649, rebounded to 1.1708, and then eased to close largely unchanged at 1.1684 (+0.02%). Although the bias for today remains tilted to the upside, EUR does not appear to have enough momentum to break above 1.1720. Support is at 1.1665, followed by 1.1645."
1-3 WEEKS VIEW: "We have expected EUR to trade in a range since early last week. Last Thursday (28 Aug, spot at 1.1640), we indicated that 'we continue to expect range-trading but now expect a narrower range of 1.1580/1.1720.' After EUR rose to a high of 1.1697, we indicated on Friday (29 Aug, spot at 1.1680) that 'short-term upward momentum is starting to build, and the probability of EUR breaking above 1.1720 is increasing, and it would continue to increase in the coming days as long as 1.1620 ('strong support' level) is not breached.' We continue to hold the same view."
Created
: 2025.09.01
Last updated
: 2025.09.01
FXStreet is a forex information website, delivering market analysis and news articles 24/7.
It features a number of articles contributed by well-known analysts, in addition to the ones by its editorial team.
Founded in 2000 by Francesc Riverola, a Spanish economist, it has grown to become a world-renowned information website.
We hope you find this article useful. Any comments or suggestions will be greatly appreciated.
We are also looking for writers with extensive experience in forex and crypto to join us.
please contact us at [email protected].
Disclaimer:
All information and content provided on this website is provided for informational purposes only and is not intended to solicit any investment. Although all efforts are made in order to ensure that the information is correct, no guarantee is provided for the accuracy of any content on this website. Any decision made shall be the responsibility of the investor and Myforex does not take any responsibility whatsoever regarding the use of any information provided herein.
The content provided on this website belongs to Myforex and, where stated, the relevant licensors. All rights are reserved by Myforex and the relevant licensors, and no content of this website, whether in full or in part, shall be copied or displayed elsewhere without the explicit written permission of the relevant copyright holder. If you wish to use any part of the content provided on this website, please ensure that you contact Myforex.
Myforex uses cookies to improve the convenience and functionality of this website. This website may include cookies not only by us but also by third parties (advertisers, log analysts, etc.) for the purpose of tracking the activities of users. Cookie policy