During the European session, EUR/USD broke above 1.1250, extending its second consecutive daily gain amid U.S. dollar weakness following Moody’s rating downgrade. UOB Group FX analysts Quek Ser Leang and Peter Chia noted that after days of range-bound trading, EUR rose to 1.1288 yesterday. However, the increase in momentum is insufficient to signal sustained progress. The euro must first decisively break above 1.1290 to have a chance of rising to 1.1330. Currently, the likelihood of a clear break above 1.1290 remains low, but as long as the pair holds above 1.1165, an upward move in the coming days is plausible.
In the market, there are no absolutes, and neither upward nor downward trends are set in stone. Therefore, the ability to judge the balance between market gains and losses is your key to success. Let money become our loyal servant.
In the market, there are no absolutes, and neither upward nor downward trends are set in stone. Therefore, the ability to judge the balance between market gains and losses is your key to success. Let money become our loyal servant.
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