EUR/USD rebound could test 1.0680 – UOB

In view of FX Strategists at UOB Group, the upside momentum in EUR/USD could reach the 1.0680 area in the near term.

Key Quotes

“Expectation for a move below 1.0490 was wrong as EUR surged from a low of 1.0499 last Friday and registered the largest single day gain since early January”.

“The sudden swing higher is accompanied by rather strong momentum and the rebound has scope to extend higher towards the mid-February high of 1.0680”.

“On the downside, 1.0520 is expected to be strong enough to hold any short-term pullback, at least for the next few days (minor support is at 1.0550). The key support is clearly at 1.0490”.