EUR/USD scope for a visit to 1.0820 – UOB

The pair keeps the neutral bias in the near term although a test of the 1.0820 area still remains on the cars, according to FX Strategists at UOB Group.

Key Quotes

“As noted yesterday, the undertone for EUR has improved considerably and EUR is expected to grind higher towards 1.0765, possibly 1.0820”.

“The high has been 1.0774 during Sydney hours and while further upward extension is not ruled out, 1.0820 is a rather strong resistance and is unlikely to yield so easily”.

“Overall, the current positive undertone would remain intact as long as the major support at 1.0670 is not taken out (1.0700/05 is already a strong shorter-term support). Looking further ahead, a break above 1.0820 would shift the focus towards last month’s high near 1.0870”.