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Euro (EUR) is expected to continue to rise; the major resistance at 1.1805 is likely out of reach for now. In the longer run, increase in momentum suggest the likelihood of EUR reaching 1.1805 is rising, UOB Group’s FX analysts Quek Ser Leang and Peter Chia note.
💡 DMK Insight
The Euro’s upward trajectory is gaining traction, but hitting 1.1805 seems unlikely in the short term. With current momentum building, traders should keep an eye on key resistance levels. If the Euro can break through 1.1805, it could signal a stronger bullish trend, but for now, the focus should be on shorter timeframes. Watch for any retracements that could provide buying opportunities, especially if the Euro approaches 1.1700. This level could act as a support zone, and a bounce here might set up for a more aggressive push towards that resistance. Also, consider how this movement might affect correlated assets like the USD, as shifts in the Euro can lead to volatility in the forex market overall. Keep an eye on economic indicators from the Eurozone that could influence this trend in the coming weeks.
📮 Takeaway
Monitor the Euro around 1.1700 for potential support; a break above 1.1805 could signal a stronger bullish trend.
