A technical snapshot from UOB:
EUR/USD: Neutral: Immediate upwards pressure towards 1.0750.
The strong surge higher in EUR last Friday that easily took the strong resistances at 1.0640 and 1.0680 was unexpected. While the outlook for this pair has improved considerably, at this stage, it is too early to expect a sustained rally. That said, the immediate pressure is clearly on the upside and from here, further extension towards 1.0750 would not be surprising. A daily closing above this level would greatly improve the odds for further up-move towards the year-to-date high at 1.0828. Overall, this pair is expected to stay underpinned in the coming days as long as it can stay above 1.0615.
