EUR/USD still sees a test of 1.0830 – UOB

In opinion of FX Strategists at UOB Group, EUR/USD still targets the 1.0830 region in the next weeks.

Key Quotes

“EUR edged above the strong 1.0780 resistance to touch a high of 1.0782 before dropping rapidly. A temporary top is likely in place and EUR is expected to consolidate below 1.0780 from here”.

“While EUR closed on a slightly weak note, the undertone is still positive and as long 1.0670 is not taken out, we continue to expect another leg higher towards 1.0825/30. This level is the year-to-date high and is a solid resistance and is not expected to yield so easily (next resistance is at 1.0870/75)”.