EUR/USD a test of 1.1435 stays on the cards – UOB

FX Strategists at UOB Group noted the likeliness of a potential visit to the 1.2430 region in the near term.

Key Quotes

“The rally is clearly in overbought territory now but after the strong rise over the past two days, it is too soon to expect a short-term top”.

“EUR is more likely to consolidate its gains and trade sideways at these higher levels. An intraday move above 1.1400 would not be surprising but the major resistance at 1.1435 is unlikely to come into the picture for now. Support is at 1.1350 followed by 1.1315. The latter level is expected to be strong enough to hold for today”.