EUR/USD: the rise could have trouble pushing higher in the very short term (UOB)

UOB believes that the EUR/USD may be struggling to push its rally much higher.

"The EUR/USD extended its rise and hit a peak at 1.1623 on Wednesday.

While the rapid and sharp rise during these last days has shifted into overbought territory, there is no sign of any weakening at the moment, and it is too early to anticipate a sustained decline.

As long as the EUR/USD remains above 1.1550, there is a chance that it tests the major resistance level at 1.1630 before a correction can be expected.

At this point, a move above the next resistance level at 1.1670 seems unlikely."