EUR/USD: the euro seems capable of sustaining its rise a bit more (UOB)

UOB believes that the EUR/USD could extend its bullish movement.

"The EUR/USD has finally reached the resistance level at 1.1630 on Friday.

The next resistance line comes at 1.1670, and while the probability for a break above it is still not high, it has improved considerably.

A close above 1.1670 would mean that the EUR/USD is ready to test major resistance at 1.1745/50.

On the downside, only a break through the key support level at 1.1545 would indicate that the current upward pressure has eased."